Feta Boss

Serif Aktürk is, with his company Özgazi, the largest producer of feta cheese in Europe. For financing an ambitious investment program in 2015, he needed thirteen million euros. Within four weeks, he got the green light from his home bank. 'I value trust and loyalty.'

The story of Serif Aktürk (55) is worthy of being written in a book one day. Originally from a poor region in Northern Turkey, Aktürk got the opportunity to study at the Technical University of Aachen in the early eighties. After graduating, he applied to all major companies with great hope but, to his frustration, was not hired anywhere. By this time, he had moved to Zaandam for love, where he started a cleaning company with a partner. A few years later, he met someone who bought milk from local farmers and made cheese from it. Aktürk saw potential, sold his cleaning company, and fully committed to cheese. He designed a machine to automate the production process and started Özgazi Cheese Factory in 1992. With one hundred thousand guilders of his savings and a loan of two hundred thousand guilders from the bank, he rented a business space in Sliedrecht and began operations.

Modernization of machinery
This was the beginning of what has now grown into an impressive business empire with factories in Etten-Leur and Rucphen, and an annual turnover of 55 million euros. Özgazi produces feta cheese for eighteen private label holders who distribute their products worldwide; from Germany to Azerbaijan, and from Australia to the United States. With a fully automated production line, Özgazi produces around 50,000 kilos of cheese daily. To package the cheese in cans and buckets, Aktürk also set up an advanced canning factory. The innovative entrepreneur has focused on automation from the start. Aktürk: ‘Together with machine builder De Klokslag from Bolsward and our manager Vural, we have always designed all the machines ourselves. We work super-efficiently; with just 35 employees, we run four factories continuously. That is our great competitive advantage.’
With an eye on further expansion and professionalization of the cheese factory, an investment program was set up last year, whereby a large part of the current machinery will be modernized in 2015. The investment program is aimed at increasing Özgazi's production and improving the quality standards of its products.

The total financing needed for this investment program: thirteen million euros, of which the company will finance three million euros from its own funds. With the help of Van Oers Corporate Finance, the financing application for Özgazi's investment program was carefully prepared at the end of last year. The guidance included drafting multi-year forecasts, structuring the financing needs, preparing the financing memorandum, and the discussions with the house bank (ABN AMRO), which formed the basis for the bank financing. In a time when banks are being very cautious, Özgazi received approval for the financing within four weeks. Although Aktürk has been approached by other banks (including several Turkish ones), he has so far resisted switching. 'Trust and loyalty are important principles for me in business. We have always received what we asked for from ABN AMRO, so why change banks?’

Sale not on the agenda
The success of the now Dutch-naturalized Turkish entrepreneur has not gone unnoticed. In his (self-designed) office hangs a photo of a company visit by former Queen Beatrix and certificates of several entrepreneurial awards won. Aktürk is regularly approached by strategic buyers and investment companies, but they will have to wait. If he ever decides to sell his company.  Because besides the fact that one of his two sons now works in the company, he is far from thinking about retirement. Aktürk: ‘I am always busy; my mind never stops. What good is money to me? My work is my biggest hobby. Being able to do this every day is priceless, isn't it?’

This article is from Brookz, a magazine for professional entrepreneurs.