NORTH AMERICA – Middle-market private equity firm PNC Riverarch Capital has acquired baked foods manufacturer Backerhaus Veit, Ltd from Swander Pace Capital for an undisclosed sum.
Founded in 2011 and headquartered in Pittsburgh, North America, PNC Riverarch capital specializes in investing in market-leading companies to maximize their growth potential while preserving their culture and legacy.
Based in Mississauga, Backerhaus Veit is a manufacturer of European-style bread, rolls, buns, and soft pretzels sold at food service and retail in North America.
Backerhauses Veit was founded in 1987 by Sabine Veit, an award-winning entrepreneur, and chief executive officer.
The company has continued to build a tremendous business by staying true to the foundations of traditional artisan bread making with over 90 years of family heritage in the baking industry.
Additionally, the baked food manufacturer has registered continued growth from mergers and acquisitions and building enduring relationships with its customers and suppliers.
It also prides itself in the production of high-quality products derived from old-world recipes, allowing it a great success in today’s modern marketplace.
In 2018, Backerhaus Veit was acquired by Swander Pace Capital which implemented measures to expand its product base and distribution footprint.
The company also reported strengthened branding and packaging capabilities and reinvested capital to improve its manufacturing capabilities
Further in 2019, Backerhaus acquired Prop & Peller, a foodservice category leader in authentic Bavarian soft pretzels which provided meaningful growth and market share expansion in the foodservice channel.
As they completed the acquisition deal, Tyler Matlock, the managing director at Swander Pace Capital said that partnering with the Backerhaus Veit team was necessary to reach its potential and pave way for its next chapter of growth.
He added that Swander Pace Capital looks forward to seeing Backerhaus Veit continue succeeding in its new home PNC Riverarch Capital.
Backerhaus represented 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.
Backerhaus Veit will join PNC Riverarch Capital’s current investment portfolio which includes Costanzo’s Bakery, a Buffalo, New York based company which specialized in Italian-style bread and sandwiches.