Leerdam Crisal Glass: “Orchard took complete care of us”

Leerdam Crisal Glass has employed an ambitious investment programme. This programme includes, among others, a brand new glass furnace, an expansion of the firm’s portfolio and a substantial move towards automation. Such a programme requires a well thought-out financing plan, which Orchard has provided its assistance.

Antoine Jordans, CEO of Leerdam Crisal Glass: Our firm consists of two glassware companies. One is situated in Portugal, Crisal, and the other is located in the Netherlands, named Royal Leerdam. Glass has been produced in Leerdam for 250 years, so there is a long-standing tradition of glass craftsmanship in the area. On the first of June 2022 we were acquired by Anders Invest, with assistance from Dutch investors. They’re always looking ahead ten to fifteen years and provide us with the support needed to carry out our plans. We’re very happy with this arrangement.

An Investment of Millions

“Leerdam Crisal Glass has an ambitious investment programme”, says Finance Director Tom Breure. “The largest investment is a new furnace for glass in our factory in Portugal. You should really think of this investment as one of millions, because the furnace we’re installing is a hybrid model that will allow us to heat it using up to 80% electricity. Our other investments concern the expansion of our portfolio of products, as well as the automation of our production processes. Putting all of these projects together adds up to a considerable sum that requires financing. Our new owner directed us towards Orchard for support and guidance.”

“Our new owner directed us towards Orchard“

No Easy Come, Easy Go

Eelco van de Lustgraaf, Partner Debt Advisory & Corporate Finance at Orchard: “I think it’s great to have the opportunity to get to work with Royal Leerdam. I’m even quite proud of it: they are widely known here. The financing project was no easy come, easy go. A great deal of complexity sprang from the combination of the Dutch and Portuguese facilities: cross-border financing is never simple. We began analysing the situation, which made way for the creation of a financing plan. After the stakeholders had made a few key decisions, we made tender offers to five banks. In the end, this led to a working capital financing arrangement, combined with long-term local financing in Portugal.”

It’s Just Like We Do When Riding Our Racing Bikes
Eelco continues: “We started the project in November of last year, which ran until June of this year. Over the course of this project we came to know each other very well.” Tom: “We had an immediate connection because of our shared love for bicycle racing. As such, in addition to our financial affairs, the topic of discussion frequently included cycling and races. Professionally, our cooperation was also excellent. Orchard effectively took the whole burden off of our shoulders. They dove into their network to arrange meetings for us, and even participated in our negotiations. It really felt as though they were by our side all the way. ” Eelco replies: “We’re both familiar with the importance of matching pace with each other. It’s just like we do when riding our racing bikes.”

“It really felt as though they were by our side all the way”

The Financing Has Been Arranged

Antoine: “We have now managed to arrange our financing, which will greatly aid us in achieving our plans, including making both our Portuguese and Dutch firms more sustainable. Previously, we were part of the publicly listed firm Libbey, where we were given little control over our cash. As a result, we lacked the experience to obtain bank financing. Orchard’s services were both sorely needed and very successful in arranging our financing, both in Portugal and the Netherlands.”

Calm in the Organisation

“We found the project to be very pleasant”, Eelco reflects. “Primarily because the people at Royal Leerdam are just as open-minded as we are. We have managed to create clear results, and built a great relationship in the process. If it were up to me, we’re in it for the long haul.” Tom concludes: “The solution we have found has brought a new calm to our organisation. Our experience with Orchard has made it clear to us that we will happily work with them again on future financial issues.”