A strategic reset giving a Dutch print and paper company a bankable future.

The printing and paper industry is a tough arena — thin margins, fierce competition, and a structurally shrinking market. Still, this company had managed to grow for years, partly organically, but mostly through a series of acquisitions. The result was a diverse group of activities: from sheet-fed printing to corporate print, from envelope trading to consumer-oriented paper products. But like the rest of the sector, revenues had already been in steady decline for some time.

By the time we got involved, the situation was urgent. Revenue was under significant pressure, and the financing — mostly built up during the growth years — had become a heavy burden. The bank had placed the company under special credit management and had little faith left in either the management or the strategic course. Without a convincing plan for the future, the company’s continuity was at risk.

When Tristan came on board, there appeared to be one remaining bright spot: the “colored paper” division was still growing and seemed to deliver attractive margins on paper. But once he started digging into the numbers with management, it quickly became clear that the success was only superficial.

Tristan got to work immediately. He’s not the kind of consultant who hides behind spreadsheets — he’s also the kind who’ll nudge a box in the warehouse just to feel how stuck the inventory really is. Together with the team, he recalculated margins, mapped the working capital requirements per product group, and analyzed the full SKU structure.

The analysis revealed the true picture: colored paper placed a disproportionate burden on working capital. Turnover rates were low, the SKU count was in the thousands — many of them outdated — and the inventory was bloated and difficult to unwind.

The margins, which looked attractive in gross terms, turned out to be barely break-even after a realistic allocation of commercial effort and operational cost. The sales process was labor-intensive, required a high degree of customization, and consumed a disproportionate share of the sales team. Tristan worked with key people and management to explore the external strategic position as well. The findings: the market was becoming increasingly price-driven, with low-cost Asian competitors offering similar products at far lower prices. Worst of all, the company had little real negotiating power in this segment.

At the same time, Tristan and the management team discovered that other business lines — especially corporate print — were far more robust than they had assumed. Margins weren’t spectacular, but they were stable. The competition was local and manageable, and customer loyalty was exceptionally high. Together with the sales team, he developed a repositioning strategy that built on the company’s existing strengths.

In the sheet-fed printing division, Tristan challenged management to take a fresh look and create new possibilities. By shifting focus toward a specific subset of products tailored for the online channel — with fewer indirect costs and more predictable volumes — a realistic path to profitability emerged. Critical to that shift were higher machine utilization and smarter synergy with the existing customer base.

The biggest challenge, however, wasn’t technical — it was personal. One of the three long-standing owners had poured his heart into the colored paper division for years. Tristan facilitated the difficult conversations with tact and clarity. Not by overwhelming people with slides, but by working through real scenarios and helping the team understand the impact on cash and continuity. Over time, this led to shared ownership of a tough but necessary course correction.

Within just a few weeks, Tristan and the management team shaped a new course together:

• They jointly prepared the carve-out of the colored paper division and laid the groundwork for a potential sale.
  

• They co-developed the repositioning of the corporate print business, focusing on customer value and sustainable differentiation.
  

• They mapped out a transition path for the sheet-fed division, aimed at increasing online volume and operational efficiency.
  

• They reassessed the group’s wholesale activities and redefined its strategic role — using purchasing power as a lever for margin improvement.
  

• And Tristan presented the new strategy to the bank — backed by financial logic, a clear risk assessment, and a concrete implementation roadmap.
  

The presentation to the bank turned out to be a turning point. Two senior officers from special credit management were at the table. At the end of the session, one of them said:

“When we pulled into the parking lot this morning, we said to each other we didn’t think you were going to make it. But you’ve convinced us. The bank will continue its support.”

That renewed trust was not only vital for the company’s survival — it also gave the management team fresh energy and direction. Implementation is now underway: the carve-out of colored paper is being executed, corporate print is growing in both volume and value, and early wins in the online channel are taking shape.

What began as a crisis has been transformed into a strategic realignment with perspective. The printing and paper industry remains challenging, but this company is moving again — and looking ahead.