January 9, 2023
Swander Pace Capital Completes Sale of Backerhaus Veit to PNC Riverarch Capital
Bedminster, NJ/Mississauga, ON ([January 9, 2023]) – Swander Pace Capital, a leading private equity firm focused on consumer products companies, today announced that it has completed the sale of Backerhaus Veit, Ltd. (“Backerhaus”) to PNC Riverarch Capital.
Founded in 1987 by entrepreneur Sabine Veit, Backerhaus is a leading producer of artisan, European-style breads, rolls, buns, and soft pretzel products to retail and foodservice customers throughout North America.
Since Swander Pace Capital’s 2018 acquisition of the company, Backerhaus has expanded its product base and distribution footprint, executed a branding and packaging refresh, and reinvested capital to improve manufacturing capabilities. In 2019, Backerhaus acquired Prop & Peller, a foodservice category leader in authentic Bavarian soft pretzels, providing meaningful growth and market share expansion in the foodservice channel.
“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, Managing Director at Swander Pace Capital. “We look forward to watching Backerhaus Veit continue its success.”
The sale represents the latest successful investment by Swander Pace in the baked goods and snack industry, having completed previous transactions with Café Valley, Voortman Cookies, Pineridge Bakery, Ideal Snacks, and Nonni’s Food Company. Backerhaus also represents Swander Pace Capital’s seventh successful partnership in Canada, along with Voortman Cookies Limited, Recochem Inc., Kicking Horse Coffee, Ltd., Lavo Inc., Pineridge Bakery, and Liberté Brand Products, Inc. Swander Pace Capital currently partners with Vancouver-based Fine Choice Foods, Ltd., a leading manufacturer of Asian-inspired foods, selling under the SUMM! brand across North America.
Swander Pace will continue to seek opportunities to partner with companies in these categories and geographies to leverage its expertise and playbook to help drive further growth and expansion.
About Swander Pace
Swander Pace Capital (SPC) is a private equity firm that invests in companies integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team, and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food + Beverage, Body + Wellness, and Home + Family. Representative investments include Bragg Live Food Products, Swanson Health Products, Café Valley, Purely Elizabeth, Merrick Pet Care, Kicking Horse Coffee, Patriot Pickle, and Mommy’s Bliss. With offices in California, New Jersey, and Ontario (Canada), SPC has invested in more than 60 companies and raised cumulative equity commitments of approximately $2.2 billion since 1996. For more information, visit www.spcap.com.
About Backerhaus Veit
Backerhaus Veit is a premium craft bakery that masterfully bakes high quality breads, rolls and soft Bavarian pretzels. Inspired by tradition, its European family recipes were adapted over time for the modern consumer. The Company stays true to traditional baking methods in its state-of-the-art facility, and couples that with the innovation from its experienced classically trained Baker’s to rise above the rest. Backerhaus is committed to clean and simple ingredient declarations, so customers can experience breads, rolls and soft Bavarian pretzels the way they were meant to be – not only nutritious but incredibly delicious.
Quality products and baking expertise is just one part of its recipe. The team’s extensive knowledge of the Foodservice and Retail industry helps its customers succeed and grow with its products. As a leader in the business, Backerhaus is committed to bringing high quality products to the table with craftmanship, authenticity, and white-table cloth service that makes it memorable for its customers and consumers. Visit www.backerhausveit.com to learn more.
Robert M. Vassel Jr.
Director – Business Development & Growth
Swander Pace Capital