ECM sells Kamps to Le Duff in trade sale

The purchase will enable Le Duff to expand its position in the German retail bakery market.

The Kamps management team have reinvested in the company as part of the transaction. Kamps plans to expand both in its core market of North-Rhine Westphalia, as well as further in Germany, as part of its future growth strategy. The company also plans to take its quick-service offering outside of Germany.

Le Duff Group operates in 80 countries across five continents. Its brands include Brioche Dorée, Bruegger's Bagels and Timothy's Coffee, as well as restaurant brands La Madeleine and Mimi's Café. Founded in 1976, the group generates annual sales of around €1.5bn and employs 27,000 staff.

Previous funding
ECM backed the all-equity management buyout of Kamps in August 2010, acquiring a 67% stake in the bakery via its €250m third fund, German Equity Partners III, from previous owners Barilla Group.

Kamps was repositioned to focus on quick service gastronomy in inner-city areas. Several regional bakeries and production sites were closed in order to focus on the home region of North-Rhine Westphalia.

At the time of the initial purchase, Kamps employed 1,000 staff and reported turnover of more than €300m. It managed 930 bakeries, 90% of which were run by franchise partners.

Company
Headquartered in Schwalmtal, Kamps is a German bakery chain with 415 bakeries in North-Rhine Westphalia. It operates 70 franchised quick-service outlets in inner-city shopping areas and has operated five Kamps-branded bakeries in London since 2013.

The company was founded in 1982. It generated revenues of €200m in 2014 and employs 450 people.

People
Jaap Schalken is CEO of Kamps. Louis Le Duff is founder and CEO of Le Duff Group. Florian Kähler is partner at ECM and was supported on the transaction by Chris Peisch, Marius Buxkämper and Max Thielemann.

Advisers
Vendor – Network Corporate Finance (M&A); PwC (Financial due diligence); Allen & Overy (Legal).
Management – Hengeler Müller (Legal).
Equity – Baker & McKenzie (Legal); KPMG (Financial due diligence).

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• Topics
• DACH
• Exits
• Consumer
• Trade sale
• Germany
• ECM Equity Capital Management
• Unq2015May