Houlihan Lokey Advises Don Don

Houlihan Lokey is pleased to announce that Don Don, the market leader in the Southeast European bakery sector, has been acquired by Grupo Bimbo S.A.B. The transaction closed on 30 May 2025.

Founded in 1992, Don Don offers a wide range of frozen, packaged, and fresh-baked products, underpinned by a well-invested industrial base and a strong track record of successful NPD.

In recent years, the business has scaled impressively, capitalising on the ongoing shift to professionalisation, retailer modernisation, and growth in the frozen bakery category across the region.

Don Don operates across diversified distribution channels, has strong relationships with key large retailers, and has a well-established own-store estate in Serbia. Production takes place across a portfolio of 22 well-invested facilities, as well as two mills, in Serbia, Slovenia, Croatia, and Montenegro.

With Grupo Bimbo’s investment, Don Don plans to further cement its position as the absolute leader in the Southeast European bakery market.

The business was majority owned by founder and CEO, Ales Mozetic, and family, with KJK Capital as a minority holder. KJK Capital, an independent partner-owned asset manager based in Finland, has supported the business since its initial investment in 2014.

Houlihan Lokey served as Don Don’s exclusive financial advisor and assisted in structuring and negotiating all aspects of the transaction. This deal underscores Houlihan Lokey’s deep bakery expertise. Houlihan Lokey has recently advised on the sales of La Rocca to Sammontana, Monbake to CVC Capital, both Dolciaria Acquaviva and Banneton Bakery to Vandemoortele, Nonni’s Bakery to CTH Invest, and Bar Bakers to TruFood. This follows the sales of Diversi Foods to Martin Braun, Dolciaria Acquaviva to Ergon Capital, Aryzta North America to Lindsay Goldberg, and Aryzta Brazil to Grupo Bimbo.

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