Standard Investment passes baton

Standard Investment passes baton

Netherlands-based investment firm Egeria is taking over control of Dutch Bakery after buying a majority stake in the company, a move expected to lead to international expansion.

Egeria's investment marks the end to the "active role played'' by Standard Investment in Amsterdam, which became a shareholder in Dutch Bakery in 2014. The financial details of the transaction or the stake size were not revealed in a statement yesterday (16 October) but it said Dutch Bakery generates a turnover of EUR100m (US$117m) annually.

Dutch Bakery's management - CEO Rob Verhoef, CCO Ron Muijen and CFO Boele de Jong - will remain as shareholders and stay on in their roles. Jefrem Schapendonk, who is the grandson of the firm's founder, will also remain involved as a shareholder and director.

Commenting on the transition, Verhoef said: "We've grown fast the past years, also thanks to the participation of Standard Investment, and I am extremely grateful for it. Thanks to its know-how and experience, at this point in time Egeria is the best partner imaginable to reinforce our position in the Netherlands, and to further grow abroad."

The Netherlands-based maker of bake-off bread and bread-based snacks was founded in 1936. Mini-baguettes, Kaiser buns, croissants, sausage rolls, and pastry with sausage fillings are also among its product offerings, which are sold to major supermarkets in the Netherlands and overseas. The company has bakeries in Alkmaar, Eindhoven, Rijen, Tilburg, Waalwijk, and a recently-acquired bakery for Indonesian layer cake in Budel. 

Dutch Bakery has made two other acquisitions in the last 12 months. In April, the company acquired Dutch baking peer PB Bake Off for an undisclosed sum. Last October, Dutch Bakery snapped up Tjendrawasih, a local company manufacturing oriental snacks, from fellow Dutch food group Buitenfood.

Guido Grobbink, a partner at Standard Investment, said: "I think our vision and approach have been very good for Dutch Bakery's ambitions during the past years. The company is on the verge of a new, vital phase, and I am positive that Egeria will infuse it with enormous added value over the coming years."

Floris Waage, a partner at Egeria, said the investment firm sees many opportunities for Dutch Bakery going forward, such as the broadening of the product range and international expansion.