KlokGroep: Financing as the foundation for growth, entrepreneurship and continuity

From rapid scaling to financial stability and strategic flexibility

KlokGroep is a property developer and construction company with a long history, a strong entrepreneurial spirit and a clear vision for the future. In a relatively short period of time, the group grew through acquisitions into a nationwide player with approximately €500 million in revenue. However, this rapid growth also increased financial complexity.

The existing financing structure, once well suited to an organization with €200 million in revenue, began to show its limits. Liquidity became more difficult to manage, flexibility was lacking, and strategic ambitions such as international expansion and future acquisitions were insufficiently supported.

Together with Orchard Finance, KlokGroep, under the leadership of Jeroen van der Bron and Ton van de Klok, therefore opted for a fundamental refinancing, followed by further professionalization of its treasury function. Not as a goal in itself, but as a foundation for the group’s long-term strategy.

We spoke with Lars van de Weerd, Group Treasury Specialist at KlokGroep.

“Liquidity is our lifeblood”

As a developing builder, KlokGroep invests heavily upfront. Land positions are often acquired years before realization, particularly for residential developments.

“This means you continuously tie up capital, while revenues only materialize later,” Lars explains. “Liquidity is therefore not a side issue, it is our lifeblood.”

Within KlokGroep, treasury has a broad scope: from group financing and cash management to project financing, guarantees and support for acquisitions. “It is a constant process of anticipating, aligning and adjusting.”

This process became more complex following the acquisitions of Heilijgers and Adriaan van Erk. The organization doubled in size, both in terms of revenue and geographical spread. “And that’s when you notice that structures which always worked fine suddenly reach their limits.”

Growth without a suitable financing structure

The first signals came from operations. “We were still working with a revolving credit facility that had been designed for an organization half our current size,” Lars says. “We used it twice a year, around the summer and Christmas holidays. But with €500 million in revenue, that simply no longer works.”

At the same time, broader strategic questions emerged:

• How do you keep the organization financially lean in view of a future generational transition?
• How do you create flexibility to absorb seasonal fluctuations?
• How do you finance international growth, with different legal and regulatory frameworks?
• How do you ensure future acquisitions can be executed quickly and without delay?

“It became increasingly clear that we shouldn’t just make incremental adjustments, we needed to rethink everything from an integrated perspective.”

The turning point: starting with the base case

Eelco van de Lustgraaf (Orchard Finance) had been known to KlokGroep for some time, but the process truly gained momentum at the end of 2024 after several project financings proved challenging.

“What Eelco did on behalf of Orchard Finance was very fundamental,” Lars explains. “He started with the question: what happens if you change nothing?”

Together, they developed a clear base case. It showed that, under unchanged policies, KlokGroep would be almost debt-free within a few years.

“That may sound healthy, but it isn’t,” Lars says. “External financing actually makes the organization more flexible and more transferable in the long term. That insight gave us direction and confidence, also in discussions with banks.”

From strategy to financing structure

Based on this analysis, Orchard Finance, led by Eelco van de Lustgraaf, translated KlokGroep’s strategic objectives into a concrete financing structure. Not from the perspective of standard bank products, but from the business model of a developing builder.

“Eelco constantly challenged us,” Lars says. “Does this fit with how we operate? With our joint ventures? With our land positions and international activities?”

A key point of attention was the use of collaboration structures (BVs and VOFs) to spread risk. “For banks, these structures are complex. For us, they are essential. Orchard Finance helped us explain this properly and establish clear agreements.”

Eelco van de Lustgraaf adds:
“KlokGroep had a clear question from the outset: what is the ideal financing structure? They also wanted flexibility, as the company is constantly evolving, continuing to pursue entrepreneurship, while various issues are at play, including family succession and potential further expansion. Working together towards a solution in an assignment like this is both energizing and rewarding.”

Navigating a critical banking market

Despite KlokGroep’s strong financial position, the banking market proved challenging. Foreign banks ultimately could not or would not participate in the proposed club deal structure on the commercial terms offered, largely due to the sector in which KlokGroep operates.

Ultimately, a highly competitive club deal was successfully concluded with Rabobank and ING.

“That combination was exactly what we had hoped for,” Lars says. “But the process was intense.”

Notably, some banks proposed alternative structures of their own, despite the carefully designed structure developed together with Orchard Finance. These alternatives ultimately proved less suitable for the company.

“That’s where Eelco truly made the difference,” Lars explains. “He kept the process focused on substance and ensured both banks aligned with the core of our strategy.”

On 14 October 2025, the refinancing was successfully closed:

• A club deal with Rabobank and ING
• Tenor of 3 years + 2 × 1-year extensions
• Total facilities amounting to €165 million
• Room for term loans and future acquisitions

Immediate strategic impact

Even before completion, the new financing was put to use. KlokGroep acquired the remaining 45% of the shares in Adriaan van Erk and paid out a substantial dividend.

“This allowed us to optimize our capital structure and make the organization lighter,” Lars explains. “Exactly as we had envisioned from the start.”

From financing to treasury professionalism

After closing the financing, the focus shifted to the internal organization. Esther Goemans-Verkleij and Maurits Bos of Orchard Finance conducted an extensive Treasury Scan.

“That felt like a natural next step,” Lars says. “You can have a strong financing structure, but your treasury organization needs to be aligned with it.”

The scan covered policy, processes and tooling, resulting in concrete recommendations across all areas, including a clear view of their impact. These were translated into a prioritized action plan, enabling KlokGroep to take targeted next steps.

“Esther and Maurits brought calm and clarity,” Lars says. “They make complex treasury issues practical and applicable.”

Orchard Finance as a long-term sparring partner

Orchard Finance remains closely involved with KlokGroep, strategically through Eelco van de Lustgraaf and in treasury matters through Esther Goemans-Verkleij.

“It’s reassuring to have an independent partner who truly understands our business,” Lars concludes. “Someone who is willing to be critical while thinking along with us. Orchard Finance combines strategic sharpness with practical execution. They translate our ambitions into financing, and into a treasury organization that can support them.”

Conclusion

With this refinancing and the subsequent professionalization of its treasury function, KlokGroep has laid a solid foundation for the future, financially as well as organizationally.

“We can now move forward with confidence, and that is exactly what we needed,” concludes Lars van de Weerd.