EQT sells BackWerk to Valora for €190m

The GP made the divestment from EQT Mid Market, which acquired a majority stake in the company in 2014.

BackWerk reported sales of €210m for 2016, a 77% increase on the €162m generated in 2014.

Under EQT's ownership, BackWerk has broadened its geographical footprint and shifted its business model from a bakery chain to a quick-service convenience food franchise. It has also opened 50 new stores and launched a new brand strategy in this time.

Acquirer Valora generated CHF 127.6m in EBITDA from sales of CHF 2.1bn in 2016. It runs approximately 2,500 convenience- and food-retail outlets in the DACH region, Luxembourg and France.

Previous funding
EQT acquired BackWerk from the company's founders in November 2013; the former owners retained a minority stake.

Company
BackWerk is a self-service bakery chain. It currently operates 350 stores in Germany, Austria and the Netherlands. The company works with around 220 franchise partners and reported revenues of €210m in 2016.

BackWerk was founded in Essen in 2003, where it is still headquartered. It employs 115 people directly and around 3,000 through its franchise partners.

People
EQT Partners – Andreas Fischer (partner).
BackWerk – Karl Brauckmann (CEO).

Advisers
Equity – William Blair (corporate finance); Orrick Herrington & Sutcliffe (legal).

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• Topics
• Exits
• DACH
• Consumer
• EQT
• Germany
• Trade sale