LE DUFF Group acquired Pandriks

Stem op deze deal via de stempagina: https://mena.nl/genomineerden-best-deal-2024/

Name of the deal: LE DUFF Group acquired Pandriks
Date announced and/or closed: 15 April 2024
Published value: EUR 300-500m
Buyer(s): BRIDOR, a subsidiary of Groupe LE DUFF
Target: Pandriks
Seller: Shareholders of Pandriks Holding

Involved firms and advisors

Involved firms and advisors buy side:
Rabobank, Bird & Bird, EY

Involved firms and advisors target: n/a

Involved firms and advisors sell side:
Squarefield, Vriman, PwC, VanLoman

Pitch

Brief description deal / Deal outline
BRIDOR, subsidiary of LE DUFF Group (turnover of nearly EUR 3 Billion in 2024, with presence in over 100 countries) proudly announces the acquisition of PANDRIKS Holding B.V., a company that produces organic and artisanal inspired bakery products.

About Pandriks
Pandriks is a Dutch bakery company that specializes in producing organic and artisanal-inspired sourdough bread. Founded in 2012, it operates under its own brand, SlooOW, as well as through private label products for in-store and home bake-off. Pandriks emphasizes traditional bread-making techniques using high-quality, natural ingredients.

In 2020 Pandriks successfully closed a refinancing of its capital structure and raised additional financing for the expansion of its production and warehouse facilities in Meppel. An international financing syndicate provided a partially asset-based financing solution that substantially lowers the cost of financing and provided room for further growth.The €35 million investment resulted in the largest baking line in Europe being located in Meppel.

With this capital, Pandriks in Meppel expanded by 13,000 square meters, where it previously had less than 5,000 square meters. The expansion meant that an additional 10 million rolls could be baked per week.  The company is also expanded in Germany, which will be accompanied by a doubling of the number of employees.

The company has state-of-the-art production facilities in Meppel, the Netherlands, and Fulda, Germany, which allow it to supply major European retail chains and international markets.

In 2023, Pandriks had a turnover of approximately €150 million and employed around 400 people. About 275 people work in the bakery in Meppel. Additionally, the Meppel company has a location in Germany, where around 125 people currently work.

About LE DUFF | BRIDOR
Le Duff Group, founded in 1976 by Louis Le Duff in France, is a global leader in bakery, pastry, and catering industries. The company operates several well-known brands and restaurant chains, including Brioche Dorée, La Madeleine, Del Arte, Kamps, and Fournil de Pierre. LE DUFF Group has an annual turnover of nearly 3 billion euros, 18 production sites, and over 19,000 employees worldwide.

Its bakery subsidiary, Bridor was founded in 1988 by Louis Le Duff, specializing in high-quality breads and pastries with a strong presence in more than 100 countries. Bridor is known for its premium products, which combine artisanal methods with industrial-scale production. The company collaborates with prestigious French chefs and artisans, such as Maison Lenôtre and Meilleurs Ouvriers de France (Best Craftsmen of France), to ensure its products adhere to traditional French baking techniques. The bakery company is located in Rennes, Brittany, and develops and delivers premium breads and Viennese pastries from multiple production sites worldwide. Bridor has a turnover of 1,4 billion euros, 4,000 employees and a presence in 100 countries.

They cater primarily to upscale restaurants, hotels, and other food service providers globally. The company focuses on sustainability and quality, selecting the finest raw materials and using methods that respect traditional baking practices.

Why should this deal win the Award for Best Deal 2024?
Pandriks, a Dutch artisanal and organic bakery product manufacturer, has accelerated its transformative journey after being acquired by Bridor, a subsidiary of the French family holding LE DUFF Group. The transaction resembles a remarkable milestone and truly qualifies as the best M&A transaction in the Netherlands for 2024. From Pandriks’ perspective, this sale isn’t just about financial figures; it’s a convergence of passion, tradition, and global vision.

A Hidden Gem Unveiled
Pandriks has been a true disrupter of the bakery market. Their commitment to quality, innovation, and organic ingredients on an industrial scale has set them apart. Now, after being acquired by Bridor, Pandriks steps into the spotlight. The sale not only validates their unique market positioning but also unveils a hidden gem. It’s like a baker’s secret recipe finally revealed—a recipe for success.

Craftsmanship Meets Industrial Excellence
Bridor, with its global reach and expertise, offers Pandriks unparalleled opportunities. As part of the Bridor family, Pandriks gains access to markets beyond their dreams. Imagine Pandriks’ organic bread, with its recipes originating in the Netherlands, gracing tables across continents—the aroma of tradition blending with Bridor’s flair. It’s a match made in bakery heaven. But it’s more than that. It’s the union of craftsmanship and industrial excellence. The result? Croissants that melt in your mouth and baguettes that transport you to Paris. The Dutch pearl now shines brighter, reflecting both tradition and innovation.

The US Retail Market Beckons
Pandriks’ journey extends beyond Europe. With Bridor’s global reach, they gain a passport to the US in-store bake-off market. Imagine Pandriks’ organic batards gracing American breakfast tables. It’s not just about bread; it’s about sharing Dutch heritage with the world. Pandriks becomes a bridge between continents, and every crumb tells a story. The Dutch heart beats in harmony with Bridor’s French soul. Investors are happy too, not just because of financial gains but because they see their long-term vision being validated. Pandriks’ growth story becomes a shared legacy, and the aroma of freshly baked goods becomes a global promise.

Stakeholders celebrate
The Pandriks’ team are no longer the unsung heroes, but they’re part of a global bakery powerhouse. Their craftsmanship now echoes across borders. The Meppel-based bakers find themselves connected to Germany, France, the UK and beyond. The Dutch pearl shines brighter. Customers will savor Pandriks’ authenticity, now with a touch of Bridor magic. It’s indulgence on a plate. Whether it’s a warm organic batard of Pandriks’ or a Bridor croissant, the merger promises delight. For Pandriks’ shareholders, the sale isn’t just financial, it’s emotional. Investors see their vision validated. Pandriks’ growth story becomes a shared legacy. The numbers matter, but so does the scent of success rising from the ovens.

In summary, Pandriks’ acquisition by Bridor isn’t just a transaction; it’s a journey. From Meppel to the world, Pandriks’ in-store bake-off products now carry a global promise, where Dutch tradition meets innovation on a global scale.

Deal rationale
The acquisition of Pandriks by Bridor was driven by several strategic reasons:

• Expansion in North-West Europe: The acquisition strengthens Bridor’s presence in key markets like the Netherlands and Germany.
• Increased Production Capacity: Integrating Pandriks’ state-of-the-art production facilities in Meppel (Netherlands) and Fulda (Germany) will enhance Bridor’s production capabilities.
• Enhanced Product Portfolio: Pandriks’ expertise in organic and artisanal bakery products complements Bridor’s existing offerings, particularly in the organic bakery segment.
• Shared Values and Quality: Both companies prioritize quality and innovation, making them a good fit culturally and operationally.
• Growth Strategy: This acquisition aligns with Bridor’s broader strategy to accelerate growth in the bakery sector and expand its global footprint.

Overall, the acquisition is expected to bolster Bridor’s market position and product diversity while leveraging Pandriks’ strengths and expertise.

What is the impact of this deal for the company?
Pandriks has grown significantly in recent years and wants to invest in further expansion to optimally serve their clients. With LE DUFF Group as our new shareholder, it is possible to achieve their growth ambitions, while preserving their unique identity, philosophy and strategy. They will remain an independent business under a global umbrella with unlimited cross-sell potential.

Philippe Morin, Worldwide CEO, BRIDOR, commented on the news: “The acquisition of Pandriks is consistent with Bridor’s strategy. It gives us the opportunity to take a leading position in key markets such as the Netherlands and Germany. This acquisition will also strengthen our teams with the highly experienced, qualified and motivated people from Pandriks joining Bridor. Pandriks will bring to life the Bridor purpose: “Share the bakery cultures of the world”.

Peter van den Berg, PANDRIKS CEO, also said: “We are excited about the opportunities that lie ahead as we embark on this new chapter with Bridor. Pandriks has grown significantly in recent years and wants to invest in further expansion to optimally serve our clients. With LE DUFF Group as our new shareholder, we believe that it is possible to achieve our goals while preserving our unique identity, philosophy and strategy.”

What is the impact of this deal for the direct stakeholders?
For Pandriks’ management and shareholders, the sale isn’t just a financial transaction, it’s testimony in which their vision is truly validated. Pandriks’ unique growth story with topline growth of more than 30% yoy becomes a shared legacy with a global reach.

What is the impact of this deal on society?
An accelerated global reach of high-quality organic in-store bake-off products with a distinct Dutch heritage, produced in the most sustainable industrial bakeries in the world.

What was most complex about this deal?
The combination of managing a wide group of shareholders and stakeholders, each with their own strategic agendas, whilst safeguarding the innovative and entrepreneurial culture under a new shareholder, which has been the key to Pandrik’s success as disrupter in the traditional bakery sector.