Frozen bakery producer

Investment thesis

Resilient market with further growth potential from increasing penetration of frozen products
High entry barriers due to significant capex requirements
Solid market position due to unique commercial network, well invested facilities and large product portfolio 
Leading industry margins with strong cash generation

Value added


  • Changing founding family owned culture to a results driven organization


  • Top management (CEO, CFO) and middle management reinforced
  • New hires for the commercial department and sales channel to push sales growth


  • Significant cost reduction (over €5m)
  • Deleveraging by means of capex and working capital optimization and non-core assets disposals