KUBO has been active in the greenhouse industry for over 75 years. The company serves growers of fruits, vegetables, plants and flowers with high-tech greenhouses, including software support and services including training, data analysis, management and operational support. The company, with approximately 150 employees, has branches in Monster (the Netherlands), Montreal (Canada) and Shanghai (China). With a turnover of roughly €200 million and projects realised in 45 countries, including Canada, United States, Russia, China, Japan, South Korea, Australia and Oman, KUBO is a pioneer in its industry. The family owned company, founded in 1945, was awarded the number one position in the Hillenraad100: an annual ranking of the hundred most prominent businesses in the knowledge- and capital-intensive Dutch (greenhouse) horticultural industry cluster.

According to Wouter Kuiper, KUBO’s CEO and the third generation in the family business, further international expansion of his greenhouse company offers an enormous opportunity. “We can see that the scale at which our clients operate is getting larger and larger, and the greenhouses are not only getting bigger, but also increasingly technologically complex. In addition, a growing number of investors that are entering the market lack horticultural expertise themselves and look for turn-key solutions. With NPM Capital, we’ll have an investor on board with a long-term investment horizon, a very clear vision on our sector, and with the means and know-how to help shape our international expansion. Together, we can further professionalise our organisation, open new branches and attract the best talent. NPM can also provide support for future acquisitions. We are ready to take this leap together. In the end, it is our ambition to strengthen our leading position in the global market,” Kuiper said.

Rapidly growing demand

The decision to join forces with a long-term investor also makes sense, given that the international market for greenhouse cultivation will continue to grow rapidly the coming decades. Kuiper: “That growth will likely be around 10% per year. On every global continent, there is a rapidly growing demand for high-quality and locally produced products that are grown safely and efficiently under ideal climatological conditions, using limited energy, water and pesticides. We can do all those things at once in our high-tech greenhouses.”

Rutger Ruigrok, Managing Director of NPM Capital, is very excited about NPM’s opportunity to invest in KUBO. “We are already deeply involved in the food and agricultural supply chain, and as part of our investment focus ‘Feeding the World’, we have also been following developments in the greenhouse industry for years. KUBO is without a doubt one of the leading players in terms of technology and innovation. Given the company’s strong position as a value chain  orchestrator and its deep ties with the Dutch horticulture ecosystem, KUBO is the ideal platform for further development of high-tech greenhouses. We are also impressed by the entrepreneurial spirit and qualities of Wouter and his team. By now, we have also learned that there is a good cultural fit between KUBO and NPM. For that reason, we are looking forward to a long-term collaboration to support the jewel of the Dutch knowledge-intensive manufacturing industry in realising their ambitions.”

Advisors
NPM was advised by PWC (M&A, financial, tax), Nauta Dutilh (legal), Strategy& (commercial), MJ Hudson (ESG) and Hillenraad Partners (industry advisor). KUBO was advised by Yeald (M&A and strategic advisor) and JB Law (legal).

Both parties agreed not to disclose the financial terms of the transaction that still is subject to customary regulatory approvals.