WE DELIVER RESULTS

WE HAVE BUILT-UP A PROVEN TRACK RECORD ACROSS MULTIPLE SECTORS AND INDUSTRIES.

ENERGY SUPPLIER, 2023 - 2024

Challenge: A US-based shareholder of a large Dutch energy supplier requested Brave Capital Solutions to manage the winddown process of all activities in The Netherlands by way of a solvent liquidation scenario.

The liquidation was complicated due to a distressed financial situation, the nature of the business (with public and private customer groups), the involvement of regulatory bodies, and the required unwinding of voluminous forward energy hedge positions.

Role: Brave Capital Solutions (i) took on a CEO / statutory board position and (ii) acted as advisor to the company.

Impact: We drove an intense process resulting in a successful solvent winddown of the company, thus allowing customers to timely seek alternative suppliers and minimising economic risks (compared to an insolvent winddown) for the organisation and its clients alike.

GLOBAL LOGISTICS SERVICE PROVIDER, 2022

Challenge: Company with over 1,000 employees world-wide. Lagging financial performance resulted in a forecast liquidity gap, triggering the need for an expansion of contingency actions already in place. For that, co-operation of financiers was required, who, in return, requested a validation of the strategic and financial planning for the next years.

Role: Brave Capital Solutions performed the validity check of strategic and financial planning, acting as advisor to the company.

Impact: In a compressed period, we brought clarity in the actual funding gap and provided actionable recommendations to avoid another failed restructuring. Pinpointed key issues within the restructuring plan, bringing more focus. Improved communications with financiers. Company back in calm waters (and no longer with bank’s restructuring department).

GLOBAL LOGISTICS SERVICE PROVIDER, 2022

Role: Brave Capital Solutions performed the validity check of strategic and financial planning, acting as advisor to the company.

OUT-OF-HOME FOOD COMPANY, 2022

Challenge: NL-based food company with over 70 outlets. Corona resulted in a significant drop in sales, and, with a high fixed-cost-base, it quickly ran through its financial reserves and defaulted on its financial covenants. The information to the company’s financiers was flawed, and in order to allow for a restructuring to take place, they required a validation of the financial forecast and improved reporting.

Role: Brave Capital Solutions performed the financial forecast validation, acting as advisor to the company.

Impact: We built the financial forecast and financial reporting model. Challenged cost-out measures and capex plan and identified cash-generating initiatives. Supported the management team to develop a SMART action plan, redefine KPIs and track development thereof. Company recovered quickly, and has a leaner, more focused operation.

INDUSTRIAL SERVICE PROVIDER, 2020 – 2021

Challenge: A company experiencing financial distress acquired two competing businesses (also in distress) to enhance its strategic perspective. Despite a sound longer-term outlook, short term integration and restructuring issues needed to be addressed, in order to maintain support from lenders.

Role: Brave Capital Solutions acted as advisor to the company.

Impact: Initiated insight in -and focus on- short and medium available liquidity. Introduced a practical monitoring mechanism aimed at tracking the large number of restructuring and integration initiatives. Started-up and improved timely reporting to (financial) stakeholders.

FOOD PROCESSING COMPANY, 2020

Challenge: Financiers of a company operating one of the largest meat processing sites in North-West Europe were requested to provide additional funding to address lagging financial performance.

Role: Brave Capital Solutions was asked to perform a validity check of the business case, and acted as advisor to the company.

Impact: It appeared that the company suffered very severe consequences of the COVID-19 lock-down, and actually got into acute liquidity issues. As the company was underinvested, its competitive position weak, and absent appetite from owner and financiers to provide new money, Brave initiated an accelerated sales process.

MARINE AND OFFSHORE COMPANY, 2020

Challenge: An NL-based marine & offshore company, active in the engineering, assembling, installation and maintenance of cargo handling systems, requested its financiers and shareholders to provide additional funding.

Role: Brave Capital Solutions was asked to perform a validity check of the business case, and acted as advisor to the company.

Impact: Brave performed a business review. On the back of the review (focused on the strategic position and opportunities of the company, its internal organization, the company’s culture, as well as possibilities to improve insight into and ways to generate further cash) and a detailed improvement plan, the company obtained the required funding.

E-COMMERCE DISTRIBUTION COMPANY,

2018 – 2019

Challenge: entrepreneurs in the fast-developing global distribution landscape ran into the liquidity trap: strong growth at the expense of generating profit and cash. The lack of a clear strategic direction had led to numerous ad-hoc management decisions. And, with operations in some 10 countries (including China and USA), the span of management control had become too stretched, resulting in operational inefficiencies. The company had not managed to produce positive EBITDA since 2013.

Role: Brave Capital Solutions acted as CEO / CRO.

Impact: On the short term, we focused on generating cash by strict debtor management and reduction of costs. Furthermore, we improved the quality of management information, particularly by creating insight in the (financial) contribution of sites, products and customers. This gave the information needed to trim the fixed cost base: closing several sites abroad, identify and solve the issue of loss making clients and reducing the number of (unprofitable) products. We improved the quality and focus of the Management Team and (successfully) intensified gross margin improvements and further lowering of direct and indirect costs. In this transformation phase we kept our focus on the market, and the sales growth of the company outperformed overall market growth. We concluded our assignment when the company had successfully turned the negative trend and had delivered profits every month for the last 6 months.

GREENHOUSE VEGETABLES, 2018 – 2019

Challenge: A combination of vegetable growers had merged their operations several years ago. Their initial offering, a distinguishable, prime quality product, had commoditised, and with ineffective governance the company lacked leadership and a clear strategic direction. It also experienced multiple operational issues. This resulted in foundering financial performance and liquidity issues.

Role: Brave Capital Solutions acted as advisor to the company.

Impact: Pushed through a clear governance structure. Provided daily support to the board in dealing with the situation, and supported the development of a strategic plan. Addressed operational improvement opportunities and brought focus on generating cash, ao by selling a significant part of the asset base.

INTERNET SERVICE PROVIDER, 2017

Challenge: When financial performance lagged budget again, a specialised investment fund and its LPs doubted the effectiveness of the board of one of its investees, the ISP. In addition, there was no agreed approach as to the refinancing of maturing debt facilities.

Role: Brave Capital Solutions acted as CRO and as member of the board of the ISP.

Impact: Created trust among stakeholders through regular communications and transparent reporting. Supported a successful refinancing of maturing banking facilities. Executed a cost-cutting program. Initiated development of strategic building blocks to enhance existing business model. Company was successfully sold to a PE-owned competitor.

IMPORT-EXPORT COMPANY, 2017 – 2018

Challenge: A large import-export company in a low-margin industry got into financial distress when several debtors failed to pay amounts due. This appeared to be a symptom of a company that required further professionalization of internal processes, better financial insight and a strategic reorientation, in order to improve profitability.

Role: Brave Capital Solutions acted as advisor to the company’s owner.

Impact: Quick turnaround of financial performance on the back of a push for focus on profitability. Professionalised organisation: improved financial reporting for internal use and to financiers; established reporting lines and realised accountability at various departments; helped in creating risk-awareness related to selling to certain countries and managing down risky exposures. Coaching role in development of future-proof business strategy.

INDUSTRIAL SERVICE PROVIDER, 2016

Challenge: Specialised industrial service provider with more than a hundred years of history, holding a top-three position in the Dutch and Belgian markets. In a shrinking market, and after a period of multiple management changes, the continuity of the company was in danger.

Role: Brave Capital Solutions acted as CRO.

Impact: Operational and short-term liquidity issues identified; financial performance (both in terms of profitability and cash flow) in the first year increased substantially, eliminating the distress. At the same time worked on a long-term strategy, which was approved by all stakeholders (management, shareholder, banks). Brave Capital Solutions played a coordinating role in attracting and structuring the necessary funding.

INVE, 2011 – 2016

Challenge: INVE is active in c. 80 countries, with two companies: Nutriad (nutritional ingredients for pigs, poultry and cattle) and Aquaculture (pioneer in field of nutrition and health products for aquaculture farms).

Role: First as CEO, later as chairman of supervisory board.

Impact: At the start, INVE was loss-making and had continuity issues. Executed a restructuring, changed management teams, and adapted business models, which resulted in two (very) profitable companies. Together sold for over US$ 550m.

BEVERAGES PRODUCTION AND DISTRIBUTION GROUP OF COMPANIES, 2015 - 2016

Challenge: A beverages production and distribution company experienced weaker financial performance, and required a strengthening of the management team to expedite a restructuring.

Role: At the request of banks took on a CRO-like role within the existing management team.

Impact: Refocused management attention on key products and services, divested non-core assets. Successfully de-leveraged balance sheet and improved financial performance.

CIVIL ENGINEERING COMPANY, 2015

At the request of private equity owner, participate in management team meetings to solve major problems; informal direction of management team pending appointment of new CEO.

MORUBEL, 2014

Challenge: Separate division of Heiploeg, which the banks retrieved from the estate. Turnover of c. EUR 80m.

Role: board member / CEO

Impact: responsible for change from a division to an independent, autonomously operating company, establishing departments such as sales, marketing and finance. Sale to private equity, creation of shareholder value next to full repayment of bank debt.

HEIPLOEG, 2012 – 2014

Challenge: Heiploeg is a shrimp/seafood processing company, with production facilities in Western Europe, Morocco, South America and India, employing some 3,500 people and generating a turnover exceeding EUR 300m. Its market position had gradually weakened, resulting in a debt-for-equity swap and the banks becoming owner.

Role: First as chairman of supervisory board, later CEO.

Impact: Split the company into stand-alone units, strategically refocused, improved operations and financial performance; secured continuity by sale to strategic party through pre-pack.

RETAIL GROUP, 2012

Challenge: the company, providing retail, franchise, wholesale en financial services to independent retailers, had just acquired a major competitor. Integration of companies was required to generate synergies.

Role: Advisor.

Impact: Successful integration, in time, and realising synergies.

INTER ACCES, 2010

Challenge: IT-service provider (900 employees) for medium-sized and larger organizations in the public, trade, industry and financial services sectors in the Netherlands and Belgium. Sales of over EUR 100m.

Role: At instigation of the PE-owner first appointed as consultant, later as chairman of the supervisory board.

Impact: countered loss-making situation and lead strategic reorientation, and established new management team and new corporate direction. In 2013, the company merged with other IT company.

MACHINE MANUFACTURING COMPANY IN THE OIL AND GAS INDUSTRY, 2009

Challenge: Company was (and is) leader in its industry. After a major acquisition and a large project, the company was over-leveraged and not in control of its main processes, resulting in losses and a bankruptcy.

Role: Advisor.

Impact: Restructuring of company and successful relaunch realized in close co-operation with director / owner.