Investor-backed IDAK Food Group in Switzerland has taken majority ownership of frozen baked goods supplier Romer’s Hausbäckerei.

Headquartered in Benken, Switzerland, Romer’s is a family-owned business set up in 1974. The company produces frozen baked goods including bread, croissants, strudels and sausage rolls, supplied to retail and foodservice customers.

Financial terms for the transaction were not disclosed. The Romer family will remain involved in the business as board directors. Managing director Remo Romer will stay on during a transition period before a successor is found.

IDAK, which is owned by the Swiss investor group Invision said the deal expands its portfolio into baked goods and bakery snacks. As the parent company, IDAK also has Kadi under its umbrella, a manufacturer of potato snacks in Langenthal, Switzerland, along with Margherita, a frozen pizza business headquartered in Fregona, Italy.

“IDAK’s long-term goal is to build a strong networked growth platform made up of specialised companies and manufacturers,” it said in a statement announcing the deal.

CEO Christof Lehmann added the transaction expands IDAK’s portfolio in the “premium sector” in what he described as a “strategic” move to embrace Romer’s “growth opportunities”.

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Last year, IDAK achieved sales of SFr160m ($179.4m) and employed around 550 staff.

Mr Romer said in the statement the decision to part ways with a majority of the business was a family one, with a “strong partner” in place in IDAK to tackle the next “growth steps” in the business.