International growth is a key ambition for Vetico. It sets us up for future success and allows us to serve clients from multiple locations across Europe. For our acquisition strategy, we brought in AXECO as a strategic M&A partner. They support us in exploring foreign markets and the steps that come with it. Steven Hendriks shares what our collaboration looks like.
Steven, what kind of firm is AXECO exactly?
“AXECO is a corporate finance boutique. We support companies through mergers, acquisitions, financing, and other strategic challenges. We’re not just in it for a one-off deal, we’re in it for the long haul. We think along throughout the entire journey. That’s what makes working with Vetico so interesting: the company is at the start of an international growth phase, and new questions keep coming up along the way.”
What does the collaboration look like in practice?
“We’ve supported Vetico with market research across several countries, like Germany, Poland, the Czech Republic, and the UK. Which co-packers are active there? And are those players interesting in terms of scale, client base, and organizational profile? Based on that, we’ve put together a shortlist. Vetico, which already had a solid picture of the Dutch market, then reached out directly to companies for an initial conversation. Once things get concrete, we weigh in on opportunities, risks, and which next steps make the most sense.”
What stood out when you did your research?
“Mostly how fragmented and opaque the co-packing market is in many countries. There are plenty of solid companies, often with their own niche and a strong client portfolio. But there are relatively few larger players like Vetico. A lot of operators have grown locally and run well, but they lack the scale to invest seriously in automation or take the next step toward greater professionalization. Add in owners who are facing succession challenges, and that makes those markets very interesting.”
companies are looking for’’
Can you explain that?
“Vetico has a lot of what other companies are looking for: know-how in automation, deep expertise, and the financial strength to invest. For many entrepreneurs, making that next move on their own isn’t easy. That’s when it’s attractive to join forces with a party that’s well-organized and genuinely attentive to culture, people, and continuity.”
How do you see things playing out from here?
“This is a process where you need to invest time, getting to know each other, building relationships, and laying the groundwork for a transaction. We’re seeing that the strategic logic and added value of Vetico’s story are opening doors and that entrepreneurs are open to follow-up conversations. At the same time, buy and build isn’t the only interesting path. If acquisitions don’t materialize quickly enough, or if concrete options aren’t the right strategic fit, greenfield could be just as compelling – building a factory from the ground up. That gives Vetico a wide range of options to make international growth happen. That Vetico will cross that border? That much is certain.”
