Halder sells Wback to trade buyer

The transaction is the fifth exit for Halder Germany II, following divestments from Klingel medical metal, Aqua Vital, Keymile and BMB Manifattura Borse. The fund held a final close on €325m in 2008.

Remaining investments in the fund include Prae-Turbo and CCN, which have merged to become Booster and Amoena Medizin-Orthopaedie Technik. The fund secured a two-year extension at the start of January 2018 in a secondaries process led by Rede Partners, where existing LPs were given the opportunity to sell their stakes to selected buyers. LGT Capital Partners and Idinvest were the lead buyers, according to press reports at the time.

During Halder’s five-and-a-half-year holding period, Wback has doubled revenues after an expansion of production capacity, investment in packaging capability and the addition of intermediate storage. Wback posted a turnover of €30m in 2012. The company’s headcount also grew from 131 to more than 200.

Previous funding
Halder, via its Halder Germany II fund, acquired the German bun producer in a management buyout in 2013. One co-founder, Peter Wendeln, remained a shareholder while relinquishing management responsibilities.

Company
Wback is a German hamburger and hotdog bun producer based in Bönen, North Rhine-Westphalia. Founded in 2004, it expanded in 2008 in the south of Germany by opening a second plant in Leipheim, Bavaria. It supplies buns to the service industry and for retail.

People
Halder Beteiligungsberatung – Mathias Fackelmeyer (partner); Christian Muschalik (partner, investment manager); Philipp Scheier (partner, investment manager).

Advisers
Vendor – Rothschild (corporate finance); PwC (financial due diligence); CMS (legal).

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• Topics
• Exits
• DACH
• Consumer
• Trade sale
• Halder Beteiligungsberatung GmbH
• Germany
• PwC
• Rothschild