Gilde acquires Pre Pain & Smithuis from Neon Private Equity

The fresh capital provided by Gilde will be used to expand the company's production capacity, in order to be able to serve increasing demand and expand internationally.

Rabobank provided debt for the transaction. The bank also ran the formal sale process, with Jeroen van den Heuvel representing Rabobank.

Neon Private Equity, formerly owned by Fortis and now a division of ABN Amro, acquired Smithuis & Pre Pain in February 2008 in a deal worth €25-50m. At the time of the acquisition, the target had an annual turnover of €50m.

Company
Smithuis is a Dutch business founded in 1889 as a traditional artisan bakery that developed into a fully automated industrial bakery.

Pre Pain was launched in 1992 and caters to the bake-off bread market.

Smithuis & Pre Pain produce approximately 100,000 tonnes of bread annually, which is double the amount both brands produced in 2008, at the time of the Neon Private Equity acquisition.

People
Gerhard Nordemann, Daniel Winkelman and Jabob Bieniaszewski led the deal on behalf of Gilde Equity Management.

Advisers
Equity - Simmons & Simmons, Leo Verhoeff (Legal); JSA Tax, Oscar Janssen (Tax); Deloitte, Arnoud Oltmans, Stefan De Kruijff (Financial and operational due diligence); PricewaterhouseCoopers, Joris van de Kerkhof (Corporate finance). 

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• Topics
• Benelux
• Buyouts
• Consumer
• Exits
• Netherlands
• Gilde Equity Management Benelux
• Rabobank
• PricewaterhouseCoopers
• Deloitte
• Secondary buyout