M&A Awards 2026: BlueMill acquires AtéCé Graphic Products and Wifac to form Visi Group (Best Deal Small Cap 2026)

Deal Outline: 

BlueMill, together with MKB Fonds and reinvesting entrepreneur and management shareholders, brought together AtéCé and Wifac on the same day to establish Visi Group. The transaction united two longstanding competitors in the graphic printing industry, combining distribution, manufacturing and technical services within one group. Visi Group generates approximately €100 million in revenue and €7.5 million in EBITDA. Visi Group's revenue is strongly recurring, with customers returning frequently for high-value printing consumables. AtéCé’s manufacturing capabilities and international distribution network complement Wifac’s printing equipment offering and technical expertise. Together, they offer customers a broader portfolio and a platform for further European consolidation. 

  

Why This Deal Should Win the Award for Best Deal Small-Cap 2026: 

Visi Group merits consideration for Best Small Cap Deal for successfully bringing together two longstanding competitors through complex transaction execution and careful alignment of shareholder and management interests. The combination is underpinned by a concrete operational value creation plan and committed entrepreneurial leadership. 

Building a market leader  
The value creation plan is specific and operational. Identified procurement and operating synergies are expected to deliver approximately €1.4 million in annual benefits, excluding anticipated commercial benefits. These opportunities cover purchasing terms, production, logistics, premises and overlapping functions. The buy-and-build strategy was already being implemented before the main transaction closed, through AtéCé’s acquisition of Flint NV, a small add-on in Belgium. 

Attractive valuation  
The blended entry multiple for the acquisition of AtéCé and Wifac amounts to 5x EBITDA (confidential). Acquisitions of similar size and with similar leading market positions generally command significantly higher multiples, so BlueMill modestly prides itself on the attractive entry valuation. 

Impact of This Deal on the Company: 

Integration and optimisation  
Entrepreneurial continuity is integral to the combination. Bert Schelhaas retained a substantial investment and assumed leadership of the group, supported by management participation through a STAK. This creates a direct financial commitment to the combined business and provides experienced sector leadership to integrate two formerly competing organisations. The integration of the companies merges a family business (AtéCé) with a company with corporate roots (Wifac). At the same time, Bert Schelhaas' family invests alongside him, with his oldest son already active in the company for more than 5 years. His equity participation could pave the way for gradual future succession. 

  

Impact of This Deal on Direct Stakeholders: 

For customers and suppliers, the strategic objective is a stronger partner with broader capabilities and dependable technical support. For employees, the combination aims to create a more resilient organisation in which specialist knowledge can be shared and developed. 

  

Impact of This Deal on Society: 

Contrarian investment  
The investment addresses a clear strategic challenge: how to build a stronger, more resilient business in a mature industry undergoing structural change. While some investors see a stabilising printing sector, BlueMill focused on the market's underlying drivers. Supplying end markets such as packaging, labelling and pharma, both AtéCé and Wifac showed strong historic revenue and volume growth. 

  

Most Complex Aspect of This Deal: 

Highly complex execution  
Execution required coordinating two interdependent acquisitions, involving 150+ legal documents across 3 different notaries, aligning all parties including multiple selling shareholders, managing different reinvestment arrangements, and navigating a complex legal structure. The combination also required merger clearance and careful management of key supplier and distribution relationships. Bringing parties with different histories and interests together under a common ownership structure and strategy was central to delivering the transaction. 

Financing challenge  
The acquisition was supported by a financing structure tailored to the combination and sector specifics. Funding combined bank facilities and factoring, substantial equity investment, entrepreneur and management reinvestment, vendor loans and a bridge loan. An additional earn-out linked part of the consideration to future operating performance. 

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