Case study

Lindenaar & Co acted as advisor to private equity firm Gimv in her investment in Snack Connection, one of the market leaders in the nuts industry in the Benelux.

Lindenaar & Co mapped the entire nuts industry for Gimv based on their investment criteria. This market research clearly pinpointed Snack Connection as the ideal acquisition candidate, after which Lindenaar & Co made the match. Based on exploratory talks, the wishes and demands of the founders of Snack Connection matched very well with the wishes and requirements of Gimv.

After making the match, Lindenaar & Co assisted Gimv in the LOI negotiations, the due diligence investigation and the final negotiations based on which Gimv realised her investment in Snack Connection.

What we have done

Target search

Based on our knowledge in the food industry, Lindenaar & Co performed extensive market research to find possible acquisition candidates and add-on possibilities in the market for nuts and related products.

Matchmaking / Contact

Lindenaar & Co made contact with the founders of Snack Connection, after which it became clear that there was a good match between the wishes and needs of the founders and the wishes and requirements of Gimv.

LOI negotiations

Based on the financial, operational and strategic information of Snack Connection, Lindenaar & Co assisted Gimv in delivering an indicative investment proposal, based on which Gimv and Lindenaar & Co have negotiated an LOI with the shareholders of Snack Connection.

Due diligence assistance

Next to the required due diligence advisors on financial, legal and operational matters, Lindenaar & Co performed specific analyses and advised Gimv on important aspects of the due diligence investigation.

Final SPA and SHA negotiations

Based on the due diligence findings and Gimv’s requirements, Lindenaar & Co and Gimv’s legal advisor assisted Gimv in the final negotiations on the share purchase agreement (SPA) and the shareholders agreement (SHA).


Gimv is a European investment firm with ample experience in private equity and venture capital. Gimv is listed on the Brussels Stock Exchange and manages approximately €1,6 billion (including co-investment partnerships) of investments through over 50 portfolio companies.

Gimv identifies entrepreneurial and innovative companies with high-growth potential and supports them actively during their transformation towards market leaders. Gimv specialises in four investment platforms: Connected Consumer, Health&Care, Smart Industries and Sustainable Cities. Each platform works with a skilled and dedicated team across Gimv’s home market (Benelux, France and Germany).

Snack Connection
Snack Connection

Snack Connection is founded in 2010 by Perry van Otterloo (Managing Director) and Rens van Oostrum (Financial Director) and operates as a full-service supplier of private label solutions for the European retail and B2B market.

Snack Connection has a unique position with a strong customer base in the Netherlands, operates two production facilities located in Giessen and Bergschenhoek, and employs over 100 employees. With its wide product range of nuts, seeds and dried fruits, Snack Connection is able to meet the growing demand for healthier, more natural foods.