Private equity firm Swander Pace Capital has completed the sale of craft bakery firm Backerhaus Veit to PNC Riverarch Capital.
Backerhaus Veit produces artisan, European-style breads, rolls, buns, and soft pretzel products and caters to retail and foodservice customers across North America.
The products, adapted from European family recipes, are made using traditional baking methods.
In 2018, Swander Pace Capital acquired Backerhaus Veit and implemented measures to expand its product base and distribution footprint.
The private equity firm also refreshed Backerhaus Veit's branding and packaging and reinvested capital to improve the company's manufacturing capabilities.
In 2019, Backerhaus acquired Prop & Peller, a maker of authentic Bavarian soft pretzels.
'Next Chapter Of Growth'
Tyler Matlock, managing director of Swander Pace Capital, said, "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. We look forward to watching Backerhaus Veit continue its success."
Backerhaus 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.
Currently, Swander Pace Capital partners with Vancouver-based Fine Choice Foods, Ltd., a manufacturer of Asian-inspired foods sold under the SUMM! brand across North America.
The firm partners with management teams to help companies achieve their full potential and invests in businesses involved in food and beverage, body and wellness, and home and family.
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.