Private equity firm buys artisan bread baker

20-Nov-2018 - Last updated on 20-Nov-2018 at 11:06 GMT

Pace Capital has acquired Bäckerhaus Veit, which specializes in artisanal European baked goods. Pic: ©GettyImages/Zolnierek

Related tags Aryzta Mergers and acquisitions

Private equity firm Swander Pace Capital has added to its growing portfolio of baked foods businesses with the acquisition of Canadian bakery Bäckerhaus Veit for an undisclosed amount.

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 which it sold to Aryzta in 2014.

Founded in 1987 by CEO Sabine Veit, Bäckerhaus Veit draws on more than 90 years of family heritage in the baking industry in Stuttgart, Germany, to produce European-style bread, rolls, buns and soft pretzel products for top-tier retail and food service customers across North America.

Artisanal breadmaking

“Bäckerhaus Veit has built a tremendous business by staying true to the foundations of traditional artisan bread making,” said Heather Smith Thorne, MD of Swander Pace Capital.

“The company has built enduring relationships with its customers and suppliers and is able to recreate high-quality products derived from old-world recipes, allowing it great success in today’s modern marketplace.”

“Bäckerhaus Veit’s reputation for operational excellence, product quality, consistency, and taste has earned it a fiercely loyal customer base,” added Tyler Matlock, senior VP of Swander Pace. “We look forward to working with the company to build on its legacy of growth and success.”

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.