Afinum buys Zeit für Brot

The GP has drawn equity for the transaction from its €410m fifth buyout fund, Afinum Achte Beteiligungsgesellschaft. The vehicle held a final close in September 2017 and is currently 13% invested, according to an internal estimate by Unquote Data.

The transaction provides an exit for the founder, while co-owner Dirk Steiger has retained a minority stake and will remain operationally involved.

Zeit für Brot plans to roll out its business model in further locations with Afinum's support, focusing on its B2B business. The company delivers to upscale restaurants and organic food retailers as well as Amazon Fresh and Amazon Prime.

The company received a significant amount of inbound interest prior to agreeing a deal with Afinum, but there was no formal auction process, Unquote understands.

Debt for the transaction was arranged by Düsseldorf-based National-Bank.

Company
Zeit für Brot was founded in 2009 by Björn Schwind and is jointly owned by Dirk Steiger. The company bakes and sells organic produce to consumers and businesses for in-store consumption, takeaway and delivery. It employs more than 100 people, including temporary workers and approximately 70 people full time.

People
Afinum Management – Burkhard Wangenheim (partner); Kai Roolf (investment director); Elias Tuerk (investment manager).
Zeit für Brot – Björn Schwind (founder); Dirk Steiger (co-owner).

Advisers
Equity – H&Z (commercial due diligence); Wachter Digital Partners (commercial due diligence); Roedl (financial due diligence, tax); CMS (legal).

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• Topics
• Buyouts
• DACH
• Consumer
• Germany
• Afinum