Backerhaus Veit acquired by private equity firm
By Bakers Journal
By Bakers Journal
Swander Pace Capital, a leading private equity firm specializing in investments in consumer products companies, has acquired Bäckerhaus Veit, Ltd., a leading producer of artisan, European-style breads, rolls, buns and soft pretzel products for top-tier retail and foodservice customers across North America.
Founded in 1987 by award-winning entrepreneur and CEO Sabine Veit, Bäckerhaus Veit draws on more than 90 years of family heritage in the baking industry, dating back to Veit’s family roots in the Stuttgart region of Germany.
Under Veit’s leadership, the company has grown from serving a handful of Toronto-area retail locations to becoming North America’s signature bakery of the finest authentic European artisan breads, rolls and pretzel products. The company’s success has been built on providing innovative solutions and unmatched customer service to major retailers and foodservice customers in the United States and Canada.
“Bäckerhaus Veit has built a tremendous business by staying true to the foundations of traditional artisan bread making. The company has built enduring relationships with its customers and suppliers, and it is able to recreate high-quality products derived from old-world recipes, allowing it great success in today’s modern marketplace,” said Heather Smith Thorne, managing director at Swander Pace Capital. “This achievement is a testament to the leadership of Sabine and her talented team, as well as the technological advantages afforded by a newly built, best-in-class baking facility.”
The acquisition marks Swander Pace’s most recent investment in the baked goods industry, having completed previous transactions with Ontario-based Voortman Cookies and Pineridge Bakery, the latter of which was sold to Aryzta AG in 2014. As part of the new relationship with Swander Pace, Veit will continue to be involved with the company and will be an active board member.
“Swander Pace is the ideal partner to help us achieve our next phase of growth,” said Veit. “They have vast understanding and deep experience in this space, not to mention a long history of giving companies the advice and backing they need to succeed. I am looking forward to working with the Swander Pace team to continue to build strong partnerships, grow awareness of our products and capabilities, and expand our distribution footprint across North America.”
“Bäckerhaus Veit’s reputation for operational excellence, product quality, consistency, and taste has earned it a fiercely loyal customer base,” added Tyler Matlock, senior vice president at Swander Pace. “We look forward to working with the company to build on its legacy of growth and success.”
Duff & Phelps Securities Canada acted as exclusive advisor to Bäckerhaus Veit on the transaction. Terms of the deal were not disclosed.