Storm Warnings on the Market: Wave of Failures... and Acquisitions

GFS CONGRESS 2025 – Consolidation Ahead. A growing number of players are expected to disappear, brought down by fragile balance sheets and limited resilience to economic shocks. Yet the current environment is whetting the appetite of domestic giants and foreign funds alike, who are eager to seize opportunities for expansion.

“We're heading into turbulent times,” warned Eric Van Den Broele, Director of Research and Development at GraydonCreditsafe. Speaking during the closing panel, alongside Olivier Dallemagne, CEO of CEGES; Veerle Carlier, Horeca Coordinator at Colruyt; and Olivier Willems, CEO and Corporate Finance Partner at Bakertilly, Van Den Broele issued a stark warning: a wave of bankruptcies is imminent among wholesalers.

“Only a handful of wholesalers are truly large-scale, and many operate with negative cash flow or insufficient equity. Their resilience is significantly lower than in other sectors,” he elaborated.

On this topic, see : Belgian Wholesalers: Acquire or Be Acquired?

At Solucious, the market approach is segmented into two parts: Health & Public, where the company holds a significant market share, and Horeca, where its share is more limited due to the fragmentation of the sector, explained Veerle Carlier.

For his part, Olivier Dallemagne anticipated the demise of many smaller operators due to the rapid evolution of the market and new difficulties that must be overcome.

Beyond financial fragility, another factor driving this consolidation is the potential for economies of scale across cost, sales, and logistics, Olivier Willems indicated.

He posited that there remains ample room for niche markets that still hold growth potential. He also stressed that an acquisition is not an overnight event: “Integration is gradual, and the acquirer cannot afford to change nothing; both parties must systematically adapt,” he emphasized.

Another element fueling the consolidation phenomenon is the growing trend among Horeca establishments to rationalize their number of suppliers, dropping from five to seven down to just two, noted Veerle Carlier: “This reduces the administrative burden and simplifies follow-up.”

But who will buy whom? “We want to get bigger,” Olivier Dallemagne admitted with resolve. “But we will have to make choices. And we won’t be buying Solucious, of course…”

That Solucious also intends to grow is an open secret. However, Veerle Carlier—like Olivier Willems—also pointed out that foreign players are likely assessing what role they might play in Belgium.

This final topic gave the congress participants much food for thought, making it the subject for debate at the closing reception or for deeper exploration back at the office. One thing is certain: the next edition of the Gondola Foodservice Congress promises inspiring speakers and (even more) relevant data.

And the “sold out” sign is expected to appear quickly once again.