T
he Rotterdam District Court today declared the bankruptcy of Dutch greenhouse supplier Codema Systems Group bv. Today, the 140 employees active in the fields of design, delivery, installation, service, and maintenance of customer-specific horticultural solutions were informed about the bankruptcy.
"The management of Codema has recently explored many possibilities to continue the business activities and secure a healthy future for the company. The trustee continues this process with the primary aim of continuing customer service and offering employees an attractive perspective. Several parties have expressed their interest in Codema’s business units", the company states.
"Codema’s commercial and financial results have come under great pressure since 2020. The appointment of a new board of directors, improvement processes, and major changes to the operational management have only partly been able to reverse this development", they add.
Codema has seen its turnover almost halve in 2020 to EUR 44 million and achieved an EBITDA of minus EUR 1.5 million that year.
The company itself adds the following explanations.
- The impact of the corona crisis on business operations was significant. Travel restrictions severely hampered acquisition outside Europe and the execution of projects abroad."
- Major projects in China and Canada contributed to strong sales growth in 2018 and 2019, but major setbacks in both countries offset this.
- The greenhouse horticulture sector at home and abroad has to deal with deteriorating market conditions. Customers and potential customers are affected by price increases for energy and materials. The recent unrest caused by geopolitical developments has reduced the willingness of growers to invest.
Back in 2018, Nordian Capital Partners invested in Codema Systems Group. Nordian Capital Partners, established in 2014 and headquartered in Amsterdam, is a private investment firm focused on acquiring majority stakes in Dutch companies.