Private equity firm Swander Pace Capital completed the sale of Backerhaus Veit, Ltd. 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 acquired Backerhaus in 2018, it expanded its product base and distribution footprint, rebranded it and upgraded its packaging. It also invested in improving the bakery’s 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 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 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.