Systems integrator De Keizer bankrupt; restart talks underway

ZAANDAM – a Dutch court has declared De Keizer International BV and De Keizer Marine Engineering BV bankrupt on Oct. 15 as takeover talks were held with several parties.

Officials of De Keizer believe a restart of the company will be more successful if the company is officially bankrupt and said a key element in the talks focus on securing De Keizer’s business activities and its current projects.

On Oct. 12, a district court granted De Keizer, a global yacht systems integrator, protection from creditors after the company said it could not meet its financial obligations. The company specializes in electrical engineering and IT services for yachts. It is based in Zaandam, just west of Amsterdam, and has 12 other offices in the Netherlands, France, Spain and the United States.

The company’s liquidity problems are rooted in several factors. Growth in recent years led to inefficiencies in dealings with the yacht industry that places orders 4 years in advance. It was also badly affected by the corona crisis.

The company saw fast growth in recent years. In 2018, its turnover ballooned by 45% to €50m. In 2019, it moved into production facilities 6 times larger than what it had and where it built life-size mock-ups of yacht cabins. De Keizer installed up to 150 different electrical systems on a large yacht along with monitoring gear. Sjoerd and Niels de Keizer took over the company 14 years ago from their father. When it was declared bankrupt, the company had about 450 employees now.