Diresco, established 15 years ago by Chris Schelfhout and his son Dirk, has grown into the market leader for quartz composite slabs for use as kitchen countertops, bathroom and wall cladding, and indoor and outdoor use. The company has achieved a turnover of 22 million euros in the past year, as well as a gross operating profit (EBITDA) of approximately 5 million euros.
DIRESCO ENTERS AGREEMENT WITH NEW PARTNER
What really distinguishes Diresco from the competitors is the use of a new plant-based resin composed of UV-resistant ingredients (Bio UV). This makes Diresco products much more resistant to sun-related discolouration. They are also resistant to frost, corrosion, and moisture. The launch of that product had an excellent chance in the sector and there has been a very high demand for it. In order to meet this demand, Diresco had to kick it up a notch, especially internationally, which will cause the demand for technically skilled employees. To assists this international growth, and in the context of a familial restructuring, the addition of a strong financial shareholder was welcome. The family and the management have ultimately opted for Creafund as a partner based on its long-term strategy.
Creafund is a Flemish holding company established in 2001, with around 55 private shareholders and sustainably invest in mature companies. The holding company now manages a dozen participations and has become a known player in the Belgian investment landscape.
The transaction comes with a familial arrangement and son Dirk can also continue to achieve his ambitions. Together with him, the Diresco management has given their green light, which emphasises the belief in the venture and the company’s ambitions. Chris Schelfhout will gradually reduce his operational involvement.
The family will be provided advice in this regard by Deloitte consultants and Monard Law legal advisors.
Chris Schelfhout, Diresco’s founder: “I felt that it was very important that Dirk be allowed to continue doing his thing and I can relax and start reducing my workload, so that Diresco’s continuity is guaranteed at both the management and financial level. Today, I can say with pride that both the current management and Creafund, as a financial partner, have joined forces to become a professional team that will guarantee Diresco’s successful and long-lasting future.”
Jos Bongers, Diresco CEO: “As the management, we are very pleased to be joining forces with Creafund as our financial partner. In particular, Creafund’s strategy and long-term character will enable us to achieve our ambitions and growth objectives based on our unique product and further developing our market position.”
Gino Schepens, a partner at Creafund: “The combination of a family company in which succession is ensured, a passionate and involved management, and a product that the market considers to be innovative and high-quality, has strengthened our conviction that Diresco is capable of strengthening its current market position in the Benelux and achieving its ambitions of further international growth. In this sense, the company is a perfect match for Creafund’s portfolio, which will actively support this continued growth and professionalisation based on its own experience and industrial network.”
For more info:
Diresco CEO: Jos Bongers, +31 6 57270744
Creafund: Partner Gino Schepens, +32 478 988841