Video case (full case): Equity-based entry mode: acquisition - AMICA
Summary
TLDRAmica, un leader polonais dans la production d'appareils de cuisine, a été fondée en 1957 et est désormais célèbre sur les marchés européens. Exportant plus de 50% de sa production, elle vise une croissance accrue des ventes à l'international, notamment en Europe de l'Est. Elle possède des marques prestigieuses telles que Gram, Hansa et CDA. Amica combine l'exportation et les acquisitions pour s'étendre, en s'adaptant aux conditions géographiques et culturelles. Malgré des défis comme la concurrence chinoise et les différences culturelles, elle poursuit une stratégie de développement international avec succès.
Takeaways
- 🏭 Amica est un fabricant polonais de cuisines et appareils ménagers qui a commencé par produire un cuisinière au charbon en 1957.
- 🌍 Plus de 50% de la production d'Amica est exportée, principalement vers les marchés européens.
- 📈 Le groupe Amica génère plus de 70% de ses revenus sur plus de 50 marchés mondiaux.
- 🏢 Le groupe possède plusieurs marques internationales, dont Gram, Hansa et CDA, acquises au fil des ans.
- 🚀 La stratégie d'expansion d'Amica combine l'exportation et les acquisitions, en fonction de la distance géographique et des conditions politiques et culturelles du pays.
- 📉 La saturation croissante des marchés européens et la concurrence des concurrents chinois ont conduit Amica à se tourner vers les marchés de l'Est.
- 📚 Les expériences passées, y compris les échecs, ont appris à Amica à réviser sa stratégie de développement de marque sur les nouveaux marchés.
- 💼 L'acquisition de nouvelles sociétés implique une analyse approfondie, des négociations et un processus de due diligence.
- 🤝 Les synergies entre les sociétés acquises et Amica sont essentielles pour réaliser des économies et améliorer les processus.
- 🌐 Les différences culturelles et organisationnelles constituent un défi majeur lors de l'intégration des sociétés acquises.
- ⏱️ Les projets d'acquisition peuvent prendre jusqu'à 2-3 ans et nécessitent une planification prudente et réaliste.
Q & A
Quelle est la première année de production du premier cuisinier à gaz de la société Amica ?
-1957
Quels sont les principaux marchés où les produits Amica sont connus ?
-Les marchés européens, en particulier en Allemagne, au Royaume-Uni et en Scandinavie.
Quel est le pourcentage de production d'Amica qui est exporté ?
-Plus de 50% de la production d'Amica est exportée.
Quels sont les autres noms de marque appartenant au groupe Amica ?
-Gram, Hansa et CDA.
Quel est l'âge de la marque Gram lorsqu'elle a été acquise par Amica ?
-La marque Gram, fondée en 1899, a été acquise par Amica en 2001, ce qui fait 102 ans.
Quelle stratégie a adoptée Amica pour développer sa présence sur les marchés russe et orientaux ?
-Amica a commencé par développer sa présence sur ces marchés à travers sa marque allemande.
Quels sont les défis auxquels Amica a dû faire face lorsqu'elle a exporté vers des pays éloignés géographiquement ?
-Amica a dû faire face à des défis tels que le manque de connaissance des marchés, comme l'Australie, et la gestion des coûts de transport et de distribution.
Pourquoi a décidé Amica de commencer à收购 des sociétés sur différents marchés européens ?
-Amica a découvert que c'était plus facile de distribuer ses produits à travers les canaux de distribution déjà développés par les sociétés acquises.
Quels sont les principaux concurrents de Amica sur le marché ?
-Les concurrents principaux de Amica incluent les entreprises chinoises qui acquièrent de nouvelles sociétés à un rythme rapide.
Quelles sont les étapes clés que Amica suit lors de l'acquisition d'une société ?
-Les étapes clés incluent la due diligence, les négociations, l'achat et la signature du contrat.
Quels sont les défis auxquels Amica a dû faire face après l'acquisition de sociétés ?
-Les défis incluent la combinaison de deux cultures organisationnelles différentes, la mise en œuvre de plans d'affaires et la gestion de la transition dans les sociétés acquises.
Outlines
🌍 Amica S.A. : De producteur local à leader mondial
Amica S.A. est un fabricant polonais de cuisine qui a produit son premier cuisinière à gaz en 1957. La marque est désormais connue sur les marchés européens avec plus de 50% de ses produits exportés. Le groupe Amica génère plus de 70% de ses revenus sur plus de 50 marchés mondiaux, notamment en Allemagne, au Royaume-Uni et en Scandinavie. Le groupe a également acquis des marques internationales telles que Gram, Hansa et CDA. Le processus d'acquisition et d'expansion a commencé par des exportations, suivi par l'achat de sociétés réfrigérateurs scandinaves et le développement de la présence sur les marchés de l'Est et de Russie. Malgré des défis et des échecs initiaux, Amica a adopté une stratégie de mixte d'exportation et d'acquisition en fonction de la distance géographique et des conditions politiques et culturelles du pays.
📈 Stratégie d'expansion et leçons apprises
Amica a adopté une stratégie d'expansion qui combine l'exportation et l'acquisition de sociétés, en fonction de la distance géographique et des conditions politiques et culturelles. L'entrée sur les marchés balkaniques a été facilitée par un agent qui a développé la reconnaissance de la marque sans frais fixes pour Amica. L'échec de l'entrée sur le marché italien sans base de clients ni connaissance du marché a conduit à la révision du modèle de business. Des projets verts ont également été envisagés en Russie, mais ont été abandonnés en raison de connaissances limitées du marché et de risques élevés. Les acquisitions récentes comprennent une entreprise britannique et une entreprise française, avec des défis pour s'adapter au modèle d'affaires d'Amica.
📑 Processus d'acquisition et synergies
Amica effectue une due diligence approfondie qui peut durer de deux semaines à un mois avant de signer un contrat d'acquisition. Le processus implique une équipe dédiée qui se concentre sur la due diligence et utilise des salles de données virtuelles pour réduire les déplacements. Les négociations sont un point crucial du processus et peuvent échouer en raison de divergences sur le prix final. Les acquisitions se font généralement en une étape, bien que cela puisse être étalé sur plusieurs années. Les synergies potentielles, comme des économies de 10% dans les processus d'achat, sont calculées en se basant sur l'expérience passée. Après l'acquisition, les managers dépendent fortement du plan d'affaires conclu et des managers de synergie sont chargés d'adapter les processus des deux côtés.
🌐 Défis et recommandations pour les acquisitions
Amica fait face à de nombreux défis lors des acquisitions, y compris la combinaison de cultures organisationnelles différentes et l'adaptation aux conditions externes changeantes. L'entreprise apprend de ses erreurs et devient de plus en plus efficace avec chaque nouvelle acquisition. Les recommandations incluent d'utiliser les services d'une entreprise de conseil pour la première acquisition, de rester réaliste dans les plans et de bien analyser la capacité à fonctionner dans la nouvelle culture. Il est également important de bien étudier le marché et d'assumer que le projet d'acquisition prendra jusqu'à 2-3 ans. La prudence est recommandée, et même avec l'expérience actuelle, Amica ne déciderait pas d'une acquisition en deux mois.
Mindmap
Keywords
💡Amica
💡Exportation
💡Acquisition
💡Marchés émergents
💡Concurrence chinoise
💡Stratégie d'expansion internationale
💡Synergies
💡Dilemme de l'entrée sur le marché
💡Cultural fit
💡Dilemme de l'acquisition
💡Droit des affaires
Highlights
Amica is a leading Polish kitchen-appliances manufacturer.
Amica appliances are well known throughout the European markets.
The Amica Group generates more than 70 percent of its revenue from sales on over 50 global markets.
The company is most popular in Germany, Great Britain, and Scandinavia.
Amica's portfolio includes international brands Gram, Hansa, and CDA.
Gram, a traditional and prestigious Denmark-based brand, was acquired by Amica in 2001.
Hansa is a brand associated with reliable technology, popular on Eastern European markets.
CDA, a British brand, was acquired by Amica in 2015 and is recognized in kitchen furniture design studios.
The Amica Group employs approximately 2,500 people worldwide.
Amica's journey from a local producer to a global player involved acquiring companies on different European markets.
Amica's initial international presence was developed thanks to the economic and political transformation in Poland.
Amica started with exporting as a first step towards international expansion.
The company developed its presence in Russia and Eastern markets through its German brand.
Amica found it easier to distribute products through acquired companies' existing distribution channels.
The company plans to increase its global presence, especially on Eastern markets, due to the saturation of European markets.
Amica is aware of increased competition from Chinese players in the market.
Amica uses a mix of export and acquisitions as its international expansion model.
Amica's presence in the Balkans was initially supported by an agent without any fixed costs.
Amica learned from its failed attempt to build its own brand in the Italian market.
Amica considered starting a greenfield project in Russia but decided against it due to high potential risks.
The company's latest acquisitions include a British firm known for kitchen furniture design and a French company.
Amica's international expansion strategy is based on further development in the kitchen appliances sector in Europe.
Amica uses consulting companies to identify potential acquisition targets.
The acquisition process includes due-diligence, negotiations, and signing contracts.
Amica performs a thorough due-diligence that may take from 2 weeks to a month before signing a contract.
The company uses Virtual Data Room technology to facilitate the due-diligence process.
Negotiations are a crucial part of the acquisition process for Amica.
Amica usually buys shares of the whole company in one step, but sometimes it may take multiple steps over years.
Amica assumes the emergence of synergies, such as 10% savings in purchasing processes, with each acquisition.
The company hires synergy managers to ensure smooth transitions after acquisitions.
Combining different organizational cultures is one of the biggest challenges Amica faces post-acquisition.
Amica's organizational culture works well in Germany but creates challenges in Great Britain.
The company's expectations are not always met, and sometimes they are positively surprised.
Amica recommends using consulting companies and being conservative during the acquisition process.
The company advises to stay realistic and assume that the external environment may change.
Amica's conservative approach and low appetite for risk have proven effective in past acquisitions.
Transcripts
Amica is a leading Polish kitchen-appliances
manufacturer. Its first gas coal cooker was produced in Wronki in 1957. Amica appliances
produced in Wronki are now very well known throughout the European markets. Over 50%
of the company’s production is currently exported, and its plans for the next few years
are expected to generate further growth in export sales.
The Amica Group generates more than 70 percent of its revenue
from sales on over 50 global markets. The company
is most popular in Germany, Great Britain and Scandinavia. The Amica Group
portfolio also includes the international brands Gram, Hansa and CDA. Gram, which was
established in 1899 and acquired by Amica in 2001, is a traditional and prestigious
Denmark-based brand known throughout Scandinavia.
Hansa, which is a brand associated with reliable technology, is very popular on the Eastern
European markets. CDA, a British brand acquired in 2015, enjoys superb recognition in such
distribution channels as design studios for kitchen furniture. The Amica Group
employs approximately 2,500 people at its plants and offices in Poland and abroad.
Let's find out how it all happened - Alina Jankowska-Brzóska,
Vice President Sales and Marketing at
Amica S.A., talks about Amica’s journey from a local producer of household
appliances to a global player, acquiring companies
on different European markets. You will learn what determines the choice of equity – based
entry mode and what challenges might await you on the way.
It was a time of very big, I would say dramatic even, changes in the Polish economy.
Thanks to the economic and political transformation in Poland
it has begun to be possible to develop international presence of our company.
As a first step we thought about exporting. Foundation for the future
development of exporting was laid by the German firm that joined the
group together with the owner. Later, in the early 2000s
we bought a Scandinavian refrigerator company
with a strong, well-recognised brand.
As a next step we started to develop our presence in Russia
and on the Eastern markets through our German brand.
I have to admit, it was all hit and miss in the beginning.
We started with exporting with help of our German subsidiary and later developed our
direct export from headquarters We still export a lot of products
not only to the countries that are relatively close geographically.
like for example to the Balkans or Post-Soviet countries but also to Vietnam, Thailand,
and even to Australia which remains big challenge as we do
not know these markets well enough yet. At some point we developed our strategy
and decided to start acquiring companies on different European markets.
We found out that it’s much easier to distribute our products
through distribution channels already developed by the acquired firms.
It's still a complicated process though but we do our best to use the bought brand to fill our production capacity.
We plan to increase its global presence in the future especially on the Eastern markets.
This strategy stems mainly from the growing saturation
of the European markets. It's getting more and more difficult for companies
like ours to build their market share. We are also aware of increased competition
from the Chinese players. They are acquiring new companies in a very fast
pace and bought two rival firms only last year. For our company such processes take much more
time and we wouldn't be able to reach our goals so quickly.
I don't think we will ever focus on acquisitions only. We intend to stick to our international
expansion model in the future. It seems to be working well for
us - a mix of export and acquisitions, depending on the geographical distance
and country’s political and cultural conditions.
Our presence in the Balkans from the very beginning was supported by an agent,
He developed the brand’s recognition in the region,
without any fixed costs on our side. I think it's a very convenient approach.
It was a clever step to start from only one person developing our business there.
The strategic question for the next years remains: when to move
from this entry-mode to acquisitions? We keep asking ourselves this question
and the answer will be a part of our strategy for the upcoming years.
In 2007 we tried to build our own brand on the Italian market.
Without having any customer base and as it turned out throughout knowledge of the market.
We hired an experienced manager to develop a new company and failed.
It turned out that there are already very well-recognised brands present in
this particular market and existing connections among distributors play an important role.
It was very difficult for a new brand to enter this market.
We had to bear high structural costs without having any revenue and in the end we decided
to shut down our Italian undertaking. It has taught us to revise our business
model - opening subsidiary without having a customer base.
At this moment we don't operate in the Italian market and are starting to consider
possibilities to enter this market in a different way again.
In the late 1990s we also took into consideration starting a greenfield project in Russia.
We were very much interested in building a production site
focusing on gas cookers. In the end we decided against it.
After initial research we found out that we didn't have very profound knowledge of the market at the
time and the potential risks were high. We weren't entirely sure how to best
operate in this market. At first, it was perceived as a controversial decision,
but soon proved to be right when the Russian crises began in 1998.
At some point we decided that in order to develop on the European markets,
we need to start acquiring new companies. Trying to build brand recognition in a new market
has proved to be a difficult task in which we sometimes failed and other times succeeded.
But we've learned a lot from our previous experiences.
Our latest acquisitions include a British and a French company. The British firm
produces and designs studios for kitchen furniture with its own
brand. The French company doesn’t have its own brand and adjustment of its business model to ours
was and still is a difficult task.
We developed its international expansion strategy based on firm internal belief in further
development on the European markets in the sector of kitchen appliances. We wanted to use
our production capacity and needed distribution channels and brands owned by well-structured
businesses. We knew already that starting a business on the new market on our own
is not something we excel at. There were certain market possibilities though
we had to take into consideration. We realized that there are only so
many prospective partners out there and turned for help to consulting companies.
These firms provided us with a list of potential companies open to restructuring, licensing
or selling their brand. After thorough evaluation,
if we were interested in the
presented project the whole acquisition process would begin:
from due-diligence, negotiating to purchase and signing the contract.
Before we sign the contract we perform a thorough due-diligence
that may take from 2 weeks to a month. Our specialists together with consulting agents
prepare a well-structured bucket-list to check within each of the acquired companies. The whole process
happens internally and requires a dedicated team equipped
with appropriate tools to check various data. The team has to focus mainly on the due-diligence
process and is excluded from its other day-to-day duties.
Nowadays, we use Virtual Data Room so our team doesn't have to travel as much
as they used to a couple of years ago. Based on the acquired data we develop a potential
bidding model and start negotiations, which are a vital point in the process.
Let me show on an example how crucial are they. One of our recent cases includes an acquisition
attempt in Poland, which did not end successfully,
even though from the strategic standpoint the acquisition would be highly beneficial for us.
Unfortunately both sides had very different approaches to the potential end price.
We tried negotiating for a while but we couldn't reach any consensus in the end.
We usually buy shares of the whole company in one step. In case of the British company
it was one step, which took us one year. In case of the French company there were two steps,
extended to 3 years, which was connected to the liquidation process of the acquired firm.
Most acquired firms already have their own brand, production site, workforce, offices,
warehouses. When preparing a business model with each acquisition we
assume the emergence of synergies, for example 10% savings in our purchasing
processes. We calculate these potential savings based on our previous experience
then negotiate the agreement, sign the contract and pay the final price.
In the next the step our mangers relay heavily on the agreed business plan
and start turning it into reality after the acquisition process has been completed.
I have to admit it is a big challenge. In Great Britain we hired
so-called synergy managers, who were responsible for adaptation of processes
on both sides as a lot of changes were necessary. Four managers were sent to Great Britain
to make sure that all processes run smoothly after the acquisition process has been completed.
The synergy manager program turned out to be a big success and we intend to continue with this
approach in their future acquisitions.
We face a lot of challenges along the way.
Sometimes we can really work out great synergies. In some cases, however, it’s
difficult to meet the assumptions from the initial business plan. In Great Britain,
for example, initially we planned to change a distributor,
in the end we decided against it, once we found out
that our customers would receive worse quality product. Such situations happen a lot.
One of the biggest challenges is also combining two different organizational cultures. We do not
have any acquisitions on the Chinese market yet, but even the British market has showed us how
tricky cultural
differences can be. In our British firm we noticed a very different approach to work,
challenges and relations between headquarters and the acquired company. In the beginning
it came as a surprise but I have to say it was a great learning experience for the future.
Our expectations in the acquisition process are not always met. Sometimes we are
surprised very positively. Other times we have to modify
our initial plans according to the changing external conditions.
In case of our British company the political environment plays a crucial role.
Right now we are facing the threat of Brexit, problem of an unstable currency
and tensions on the line of China with the US. We are very much aware that we do not operate
in a vacuum, so potential failure is not always possible to predict beforehand.
However, we learn from our mistakes and are becoming better and better with each new
acquisition. It is not an easy task though. I would recommend using knowledge and
support of a consulting company when undergoing the first acquisition process.
My overall recommendation would be – don’t make optimistic plans.
Stay realistic Always assume that the external environment
may change and analyse beforehand if you can work within the new culture.
Think how can you support the transition process in the acquired company and transmit
the processes from headquarters.
In cour case we found out that our organizational culture
seems to be working really well in German environment, whereas it can create a lot of
challenges in Great Britain. I would also say
research the market well to make sure that you can sell your products there, also under
the acquired brand. Assume that the whole acquisition project
will take up to 2-3 years during which your synergy - managers will have to take care of
it. Be aware that these experts during this time will not perform their other day-to-day duties.
Remain conservative is my another recommendation – if you can’t afford
the acquisition, do not go for it. Assume to work a long time on the business
plan before making the ultimate decision. Even with our current experience we would never
decide on an acquisition within two months. I really cannot highlight this enough. The time
spent on that is incredibly valuable. It was very much visible in our
acquisition attempt in Spain in 2012. Based on our calculations we decided not
to pursue the acquisition process, even though the potential partner seemed to fit very well
into company’s strategy. The firm was taken over by our competitor
whose investment, as of 2019, didn’t end successfully.
Such examples prove that our conservative approach combined with low appetite for risk is effective
and we intend to follow this approach in the future.
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