Swander Pace Capital, a private equity firm focused on consumer products companies, announced that it has completed the sale of Backerhaus Veit, Ltd. to PNC Riverarch Capital.
Founded in 1987 by entrepreneur Sabine Veit, Backerhaus is a 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 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.