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Unquote
  • Exits

Steadfast sells majority stake in Dahlback to DBAG

  • Harriet Bailey
  • Harriet Bailey
  • 22 April 2014
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Steadfast Capital has sold its majority stake in Dahlewitzer Landbäckerei (Dahlback), Germany’s fifth-largest bakery chain, in an MBO backed by Deutsche Beteilungungs AG (DBAG).

It is understood Steadfast reaped approximately 2.5x its investment, taking the fund to a 2x net return and into carry.

DBAG itself invested €9.9m and will hold a 13.7% stake in Dahlback, while DBAG Fund VI, a fund advised by DBAG, will take the remainder.

Dahlewitzer Landbäckerei GmbH

  • DEAL:

    SBO

  • VALUE:

    €9.9m (DBAG investment)

  • DEBT RATIO:

    60%

  • LOCATION:

    Dahlewitz

  • SECTOR:

    Food products

  • FOUNDED:

    1974

  • TURNOVER:

    €99m

  • EBITDA:

    c€16m

  • STAFF:

    2,300

  • VENDOR:

    Steadfast Capital

  • RETURNS:

    c2.5x

Dahlback's current managing partner, Volker Schülke, will reinvest in the company in time and remains in his current role. The transaction is subject to approval of the relevant authorities.

The fresh capital will be used to expand the company's presence in the checkout areas of supermarkets and to exploit growth opportunities through new store openings and acquisitions. In December 2010, Dahlback acquired Pasewalk-based Unser Heimatbäcker, which resulted in the company more than doubling in size.

According to unquote" data, Steadfast backed an MBO of Dahlback in October 2005, with the Konrad family retaining a shareholding in excess of 10%. The private equity house then invested again in December 2010. Senior debt facilities were provided by Rabobank, NIBC and Nord LB, with debt making up more than 60% of the deal value. NIBC remain in the debt consortium financing DBAG.

The deal marks DBAG's first investment since October 2013, when the private equity house backed the MBO of private tutoring services provider ZGS Bildungs. The GP invested €9.8m from DBAG Fund VI in the transaction, which saw DBAG secure a 75% stake while management held onto 25% of the shares. DBAG Fund VI reached its hard-cap of €700m in August 2012, exceeding its target by €50m.

In November 2013, Swedish private equity company EQT bought a majority stake in Germany bakery BackWerk from the company's founders. The company recorded a turnover of €162m in 2012.

Company
Founded in 1974 as a state-owned company in East Germany, Dahlback is headquartered in Dahlewitz. The Konrad family took over the management in 1991 and expanded the chain by adding bakery outlets and production capacity.

Dahlback now runs 357 outlets across north-eastern Germany, making it the largest bakery chain in the area and fifth largest Germany-wide by number of stores. The company operates under the names of Unser Heimatbäcker and Lila Bäcker, mostly in the checkout areas of supermarkets and in shopping centres.

Dahlback also operates Rubave, a wholesaler that delivers a range of baked goods to 1,500 customers, enabling it to exclusively supply its own bread to its self-managed branches. The company has annual revenues of €99m, with an EBITDA believed to be in the region of €16m. Dahlback employs 2,300 people.

People
Volker Schülke is managing partner at Dahlewitzer Landbäckerei. Kay Buschmann is a partner at Steadfast, while Nick Money-Kyrle is a founding partner at the firm and the current chairman of the Dahlback board.

Advisers
Equity – King & Wood Mallesons SJ Berwin
(Legal); Network Corporate Finance (Corporate finance).

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