Houlihan Lokey Advises Bäcker Görtz

Houlihan Lokey is pleased to announce that Bäcker Görtz, a leading family-run bakery in Germany, has entered into a partnership with FSN Capital. The transaction was completed on 31 October 2022.

Headquartered in Ludwigshafen, Germany, Bäcker Görtz has a network of approximately 200 branches and a tailored product offering of baked goods and out-of-home meals. Bäcker Görtz has been owned by the Görtz family since it was founded in 1963.

The group has approximately 1,900 employees, producing and selling more than 2 million baked goods per week. Moreover, the company generates revenues of about €130 million and has grown organically at an average rate of 14% per year for the past 15 years with industry-leading operating margins exceeding 20% via strong digitalization leading to superior production and personnel planning. The existing owners, Peter and Frank Görtz, who will continue to operate as co-CEOs, will retain a significant minority stake.

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm with €4.0 billion under management and offices in Oslo, Stockholm, Copenhagen, and Munich.

Together with the management team and the existing shareholders, FSN Capital will accelerate the growth of the company. The investment strategy will focus on continued organic growth as well as add-on acquisitions in the large and highly fragmented German bakery market while also driving best-practice operations and sustainability.

Houlihan Lokey served as the exclusive sellside financial advisor to Bäcker Görtz and assisted in marketing, structuring, and negotiating the transaction, as well as performing lender education on behalf of the Görtz family.

RELATED: Consumer, Financial Sponsors Coverage, Corporate Finance