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Biovegan, a manufacturer of organic, vegan and gluten-free baking products in Germany, has been taken over by Finexx under the investment firm’s newly-launched second fund.

Based in the western German town of Bonefeld, family-run Biovegan produces baking mixes for bread, pizza, cake dough and desserts. It also makes sweet and savoury sauces for dishes such as vegan bolognese and hollandaise sauce for retailers and the food trade.

“The market for health-conscious, organic-certified and vegan nutrition is booming,” Dr. Markus Seiler, the managing director of Finexx in Baden-Württemberg, said in a statement. “With its broad product portfolio, Biovegan is ideally positioned as an innovator and technology leader in this rapidly growing future sector.”

While the purchase price was not disclosed, Finexx said the fund makes investments in tranches of five to EUR20m (US$23.2m) focused on small and medium-sized enterprises (SMEs) with a turnover of EUR10m or more. The private-equity investor has EUR55m under management.

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By GlobalData