Swander Pace Capital has sold Backerhaus Veit, a maker of frozen and par-baked bread products, to PNC Riverarch Capital.
Backerhaus’ products include breads, rolls, buns, and soft pretzel products that are sold to retail and foodservice customers throughout North America. Backerhaus was founded in 1987 by Sabine Veit and is headquartered in Mississauga, Ontario.
Swander Pace acquired Backerhaus in November 2018. During its ownership term, Backerhaus added new products and expanded its distribution footprint, refreshed the company’s branding and packaging, and closed the December 2019 add-on acquisition of Prop & Peller, a Boca Raton-based maker of Bavarian-style soft pretzels. Prop & Peller’s products are sold at Whole Foods, Walt Disney World, TopGolf, Hofbräuhaus America, Main Event and World of Beer, and other dining and entertainment destinations.
“It has been a pleasure partnering with the Backerhaus Veit team to help the company reach its potential and pave the way for its next chapter of growth,” said Tyler Matlock, a managing director at Swander Pace. “We look forward to watching Backerhaus Veit continue its success.”
Swander Pace invests in middle-market consumer products companies that have revenues of up to $500 million. Sectors of interest include food and beverage, body and wellness, and home and family.
Swander Pace is an active investor in the baked goods and snack sectors with earlier investments in Café Valley, an Indiana-based maker of croissants and sweet baked goods (acquired in August 2019); Voortman Cookies, a Canada-based maker of cookies and wafers (2015 to 2019); Pineridge Bakery, a Canada-based maker of English muffins, cakes, and danishes (2007 to 2014); and Ideal Snacks, a New York-based maker of puffed and baked snacks (2012 to 2015).
Swander Pace is headquartered in San Francisco with additional offices near New York City in Bedminster, New Jersey, and near Toronto in Mississauga, Ontario.
Pittsburgh-based PNC Riverarch invests from $10 million to $50 million in privately held companies headquartered throughout North America. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch is a division of PNC Capital Finance, which in turn is a subsidiary of The PNC Financial Services Group (NYSE: PNC).
© 2023 Private Equity Professional | January 11, 2023
