DBAG-backed UHB files for insolvency

DBAG carried the investment at €1.7m (less than 0.5% of its aggregate portfolio value of €350m) as of 30 September 2018. The GP said in a statement that the insolvency would therefore only have a minor impact on the portfolio valuation.

DBAG invested €12.2m from its balance sheet in the business, while DBAG Fund VI invested €64.2m in total. Part of that investment came as part of a restructuring in January 2018.

German law firm Noerr was appointed by the business to support it in the restructuring process.

DBAG said UHB is a challenging and highly competitive market, and all parties are working to ensure continued existence and competitiveness. It had forecast decreased revenues for 2018 due to personnel shortages and lack of sales in the rural regions of north-eastern Germany.

Previous funding
DBAG created UHB through the merger of several bakery chains.

In April 2014, Steadfast Capital sold its majority stake in Dahlewitzer Landbäckerei (Dahlback) in an MBO backed by DBAG. DBAG itself invested €9.9m for a 13.7% stake in Dahlback, while DBAG Fund VI, a fund advised by DBAG, took the remainder.

It bolted on Lila Bäcker (a Nord Holding portfolio company) later that year, rescuing it from administration.

Company
UHB was founded in its current form in 2014 and is the fifth largest branch baker in Germany. It employs 2,700 people at 400 branches and also supplies 1,500 corporate customer such as supermarkets, hotels and petrol stations.

People
Deutsche Beteiligungs AG – Jochen Baumann (managing director).

Advisers
Company – Noerr (legal).

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