Bencis-backed Prinsen-Buisman buys Gustav Berning

Bencis will become the largest shareholder in the new group, while 10 managers of Prinsen-Buisman will also take minority stakes.

The combined group will have revenues of €125m with a double-digit EBIT margin, according to a source close to the situation. It will employ 400 people and aims to strengthen its market position in Asia and North America through the transaction.

Bencis first acquired a majority stake in Prinsen Food Group via an MBO in June 2016, with members of the Prinsen family retaining a minority stake. Prinsen then acquired coffee maker Koninklijke Buisman in a bolt-on transaction in September 2016 to create Prinsen-Buisman.

Company
Gustav Berning was founded in 1915. It started out as a chocolate manufacturer in Osnabrück and moved to Georgsmarienhütte in 1973, and later added sport nutrition bars to its product portfolio in 1982. The company generates revenues of €50m.

People
Bencis Capital – Lesley van Zutphen (managing partner).
Prinsen – Alexander Collot d'Escury (CEO).

Advisers
Equity – Allen & Overy (legal); Boston Consulting Group (commercial due diligence); Alvarez & Marsal (financial due diligence).

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• Topics
• Portfolio management
• DACH
• Consumer
• Germany
• Bencis Capital Partners