German private equity group Nord Holding and the senior management team of De Mäkelbörger Backwaren have acquired the wholesale bakery business, it has been announced.

Under its previous private equity owners Hannover Finanz, De Mäkelbörger has grown over the last 18 years through the acquisition of smaller bakery chains, deep-frozen pastries businesses, restaurants and the organic bakery Gut Falkenhof near Berlin.

“I believe that in addition to innovative ideas and hard work – private equity is the yeast in the dough of our enterprise,” De Mäkelbörger’s managing director Wolfram Lampel insisted.

“With Nord Holding on board we will continue to grow. As far as we are concerned nothing will change and we will continue to enjoy the legendary Hanover down-to-earth approach with our new shareholders.”

Nord Holding chief executive Matthias Kues confirmed that the baker’s new private equity shareholder would continue to support growth.

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“A secondary buy-out – i.e. the acquisition by a financial investor from another financial investor – is a completely routine transaction and is a boost for further growth. We want to support that growth”, said Kues.

De Mäkelbörger intends to increase turnover from its current level of EUR50m to EUR60m, a spokesperson for the company confirmed.

“Over the next three years, we intend to focus on continuing to grow our business’ sales and profits,” the spokesperson said.

This will be achieved by expanding the customer base for frozen products, growing the organic business “at home and abroad” and increasing the number of German branches, the company said.

Financial details of the transaction were not disclosed.