Standard Investment sells Dutch Bakery to Egeria

Standard Investment created the company through a series of mergers in 2015, at which time the group was loss-making.

The business was expected to sell for at least 8x its projected €12m 2017 EBITDA, according to unquote" sister publication Mergermarket.

Dutch Bakery Group's management group will retain a minority stake and continue to lead the company operationally.

Egeria said its experience in the food and beverage sector would help the company achieve its objectives, citing participation in Izico, Ad van Geloven, Royal Sanders and United Dutch Breweries.

Egeria is currently investing from its fourth fund, which held a final close on its €600m hard-cap in 2012.

Previous funding
Standard Investment first became a shareholder in Dutch Bakery Group in 2014. It made several add-on transactions, including the carve-out and merger of a division of Bakkersland in 2015 and the bolt-ons of PB Bake Off and Tjendrawasih.

Company
Dutch Bakery Group is an industrial bakery chain based in the Netherlands. It was created in its current form in 2015 but its oldest bakery in Waalwijk dates back to 1936, according to the company's website. It supplies bread products that customers can bake at home, with the product range including baguettes, kaiser rolls, croissants, ciabatta and focaccia. The company supplies supermarket chains in 10 countries.

People
Egeria Private Equity – Floris Waage (partner).
Standard Investment – Guido Grobbink (partner).
Dutch Bakery Group – Rob Verhoef (CEO).

Advisers
Acquirer – Allen & Overy (legal); PwC (financial due diligence); Deloitte (financial due diligence).
Vendor – Houlihan Lokey (corporate finance); Lexence (legal); Boston Consulting Group (M&A).

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