Foresco

In 2009, a long-standing family business focused on wood importation and packaging was at a crossroads. With a respectable 15 million euro turnover, it was a solid, if unremarkable, player. Then, two entrepreneurs, Cedric De Quinnemar and Jan Ponnet, saw a different future for the company. They acquired the business, rebranding it as Foresco, with a vision to transform it into a leader in the pallet and packaging industry. The new strategy was clear: growth through acquisition. Starting in 2019, Foresco began a methodical process of acquiring smaller pallet companies, first in its home market of Belgium and then expanding into the Netherlands. This "roll-up" strategy involved purchasing numerous smaller firms, which individually didn't require regulatory notification, to rapidly build market share. The business model focused on the full lifecycle of a pallet: producing new ones, repairing and selling used ones, and managing pallet inventories, all with an eye on sustainability. A major turning point arrived when this aggressive expansion caught the attention of the Netherlands Authority for Consumers and Markets (ACM). Having completed 17 takeovers in the Netherlands, 13 of which were below notification thresholds, Foresco's growing dominance triggered an investigation. The concern was that this strategy of "stringing beads" could create an anti-competitive market position. However, in February 2025, the ACM concluded that Foresco's approach did not ultimately distort the market. Free from regulatory constraints, Foresco continued its expansion, completing its 25th acquisition and moving into the Danish and German markets, with revenues soaring to €447 million by 2023.