Transformation from A to Z:
Packaging (BOPP)
EUR 420m
1,100
1
Challenge: Secure liquidity and create sustainable trust
TRANSFORMATION
M&A
WORKING CAPITAL MANAGEMENT
CHANGE MANAGEMENT
STAKEHOLDER MANAGEMENT
INTERIM MANAGEMENT
TURNAROUND
When the capital providers proposed Bickel & Company as restructuring experts, the situation at the ailing packaging specialist Treofan was anything but simple. In addition to tight liquidity, inefficient structures - the company was not geared towards requirements of mid-sized companies - and a lack of power in sales, the relationship between the stakeholders was tense.
For Bickel & Company, the first activity was to set the foundations for the future, i.e. to initiate classic restructuring measures and ensure that everyone was pulling in the same direction.
2
Approach: Identifying the right levers
Over the total period of about five years, we applied a whole range of transformation measures and often had to adapt our approach to changed conditions at short notice. Starting with the optimisation of working capital, a massive cost reduction and the reorganisation of locations towards the realignment of the product portfolio. In addition to the operational restructuring, we also implemented several financing measures and supported numerous M&A processes.
We were only able to navigate safely through the multitude of issues thanks to continuous stakeholder management as well as reliability and transparency in the figures. In doing so, we always involved the employees in the change process with open communication and clear guidelines.
3
Result: Exceeded expectations
While Walter Bickel was initially brought in as CRO and CFO, he was offered the CEO position after only about a year: A great sign of confidence in our work. Already in the first two years we were able to achieve considerable improvements in results, which enabled two shareholders to successfully exit. At the same time, the remaining main shareholder decided to continue the transformation together with us.
We significantly increased the portion of the speciality business, initiated operational excellence measures and invested more in research and development. Our efforts paid off for all stakeholders: all liabilities were repaid to the capital providers, the shareholder value more than doubled and Treofan is still a leading player in the packaging industry today - a sign of the sustainability of our work.
"As chairman of the advisory board of Treofan Holding, I have had only the best experiences with Dr. Bickel and his team. Dr. Bickel convinced all stakeholders of his strategy. The realignment was successful and allowed a sale of the company at a higher value than expected."
