Eska Graphic Board
Kees van Zijderveld
Management Buy-out Eska Graphic Board
KeesvanZijderveldstartedhisfifthlifeon2October2006.That
was the day that, in addition to being its director, he became joint
owner of Eska Graphic Board, world market leader in the supply
of graphic cardboard based in Hoogezand-Sappemeer. About
one year earlier, upon the takeover of parent company Kappa
PackagingbytheIrishcompanySmurfit,helearnedtheywere
planning to dispose of his department. `I immediately said I was
interested in a buy-out. Afterwards I realised I had no idea what
I was talking about.'
The chance that the cover of a hardback book came from Eska
was about one in four. The European Commission considered
thismarketpositioninthehandsofSmurfitKappatoodominant.
So they ordered that the Groningen cardboard factory be re-
moved from this new corporate structure. `I had once met Robert
Boersma of Holland Corporate Finance, who was the trainer at
an M&A course I attended. I rang him up and he immediately
reacted.' However, while Van Zijderveld was working on his buy-
out,SmurfitKappadecidedtogowithafinancialpartywhoof-
fered to buy the entire portfolio of bits for sale.
Forging a real bond
Things got quite complicated in the ensuing period. On top of his
involvement in the sale of Eska and the preparations for his own
buy-out, Van Zijderveld was overseeing Eska's recent internal
reorganisation.' The daily phone calls with Robert Boersma were
therefore often conducted late in the evenings in the car, on his
way home. `This was something I appreciated enormously; he
could literally always be reached and he assured me that call-
ing so late was never an intrusion. It even had its fun side. When
the contact is such an intense mix of business and private life, a
real bond is forged.'
Money on the table
VanZijderveld'sopportunityarrivedwhenSmurfitKappaeventu-
ally invited him to buy-out negotiations. He was quickly frozen
out again, when his investment partner suddenly lowered the
bid.SmurfitKappanegotiatedfurther,nowexclusivelywiththe
financialinvestor.`Idon'tgiveupeasily,butthereweremoments
when I thought: this was never, ever going to work.
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