The bakery product manufacturing industry in the DACH region is a dynamic segment focused on producing a variety of baked goods such as bread, pastries, and snacks. This sector is characterized by established companies and innovative startups that emphasize quality ingredients and sustainable practices. Consumers increasingly demand healthier, artisanal options, spurring manufacturers to embrace new techniques and flavors. With advancements in food technology and a shift towards convenience foods, the industry is anticipated to continue evolving, offering exciting growth opportunities for investors and businesses alike.


The list of bakery product manufacturing investors features a mix of corporate giants and private equity firms, headquartered predominantly in Switzerland, Germany, and Austria. Each investor varies in size and age, with many having been established well over a century ago. Notably, some, like Nestlé and Dr. Oetker, have made significant investments in recent years, while others focus on strategic acquisitions to grow their portfolios. In 2024, these investors contributed substantially to the industry's consolidation, evident through their reported deal counts and activities.


Top 14 Bakery Product Manufacturing Investors in DACH


1. Nestlé

  • Website: nestle.com
  • Type: Corporate
  • Headquarters: Vevey, Vaud, Switzerland
  • Founded year: 1866
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: nestle-s-a-

Nestlé S.A. is a multinational food and beverage company based in Vevey, Vaud, Switzerland, founded in 1866. With over 10,000 employees, Nestlé operates globally, providing a wide range of products including coffee, dairy, and pet care items. The company is committed to sustainability and offers nutritious and convenient food options. Notably, Nestlé has made several strategic acquisitions to enhance its market presence, including the acquisition of Hsu Fu Chi in 2011 for $1.7 billion, which may include bakery-related products. Additionally, their acquisition of Garoto in 2002 and Dreyer's in 2006 further demonstrates their expansion in the food sector. These transactions highlight Nestlé's active role in the food industry, including potential involvement in bakery product manufacturing.


2. Dr. Oetker

  • Website: oetker.com
  • Type: Corporate
  • Headquarters: Bielefeld, North Rhine-Westphalia, Germany
  • Founded year: 1891
  • Headcount: 10001+
  • LinkedIn: dr--oetker

Dr. Oetker is a prominent food manufacturer based in Bielefeld, North Rhine-Westphalia, Germany, specializing in a wide range of baking and frozen food products. Founded in 1891, the company has a long history of innovation and sustainability in the food market. Dr. Oetker serves both consumers and businesses, providing quality ingredients and ready-to-eat meals. Notably, the company has made several strategic acquisitions in the bakery sector, including:1. **Conditorei Coppenrath & Wiese GmbH & Co. KG** - Acquired in March 2015, this German frozen bakery company was valued at approximately €400 million and continues to operate as a separate entity within the Oetker Group.2. **Tag El Melouk Food Industries** - Acquired in June 2018, this company is a leader in baking products, further solidifying Dr. Oetker's position in the bakery market.3. **Alsa** - Acquired in March 2019 from Unilever, this French baked goods and desserts brand enhances Dr. Oetker's portfolio in the bakery segment.4. **Kuppies** - Acquired in September 2021, this Indian start-up focuses on ready-to-eat cakes and desserts, marking Dr. Oetker's entry into this growing market.These acquisitions reflect Dr. Oetker's strategic focus on expanding its bakery product offerings and adapting to consumer preferences in the global food market.


3. Brenntag

  • Website: brenntag.com
  • Type: Corporate
  • Headquarters: Essen, North Rhine-Westphalia, Germany
  • Founded year: 1874
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: brenntag

Brenntag SE, founded in 1874 and headquartered in Essen, North Rhine-Westphalia, Germany, is a leading global chemical distributor that connects chemical manufacturers with users across various industries, including food, pharmaceuticals, and oil & gas. With over 10,000 employees and a customer base of approximately 195,000, Brenntag simplifies access to complex supply chains. Notably, Brenntag has made significant acquisitions in the bakery product sector, including the purchase of Kluman & Balter and A1 Cake Mixes in December 2017, which are key suppliers of bakery ingredients in the UK. Additionally, their acquisition of JM Swank Co. in June 2021, a US-based food ingredients distributor, is expected to enhance their capabilities in the nutrition business, further expanding their reach in the bakery ingredients market. These strategic moves highlight Brenntag's commitment to serving the bakery industry and its role as a vital player in the food supply chain.


4. Amcor

  • Website: amcor.com
  • Type: Corporate
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 1864
  • Headcount: 10001+
  • LinkedIn: amcor

Amcor is a corporate investor based in Zurich, Switzerland, founded in 1864. The company specializes in innovative and responsible packaging solutions for various industries, including food, beverage, healthcare, and personal care. Amcor is committed to sustainability, aiming to make all its products recyclable or reusable by 2025. In recent years, Amcor has been involved in several significant transactions that enhance its capabilities in food packaging. For instance, the acquisition of Moda Systems, a manufacturer of automated protein packaging machines, is expected to improve Amcor's end-to-end packaging solutions, which could also benefit the bakery sector indirectly. Additionally, their acquisition of Detmold Flexibles and Zhongshan Tian Cai Packaging further strengthens their position in the flexible packaging market, which is crucial for food products, including bakery items. These strategic moves highlight Amcor's commitment to expanding its packaging solutions for the food industry, making them a relevant player in the bakery product manufacturing context.


5. Valora Group

  • Website: valora.com
  • Type: Corporate
  • Headquarters: Muttenz, Basel, Switzerland
  • Founded year: 1905
  • Headcount: 10001+
  • LinkedIn: valora-group

Valora Group is a corporate investor based in Muttenz, Basel, Switzerland, specializing in food and convenience services. Founded in 1905, Valora operates various brands, including k kiosk and Brezelkönig, providing a wide range of products such as baked goods, snacks, and beverages. The company has made significant acquisitions in the bakery sector, including Ditsch USA in 2017, which enhances its portfolio in the pretzel market. In 2012, Valora acquired Brezelkönig GmbH & Co KG, a family-owned company with a strong presence in Germany and Switzerland, further solidifying its position in the bakery industry. Additionally, the acquisition of Back-Factory in 2021, a German snack specialist, demonstrates Valora's commitment to expanding its bakery product offerings. These strategic moves highlight Valora's focus on the bakery market, making it a relevant player in the bakery product manufacturing sector.


6. Givaudan

  • Website: givaudan.com
  • Type: Corporate
  • Headquarters: Vernier, Geneva, Switzerland
  • Founded year: 1895
  • Headcount: 10001+
  • LinkedIn: givaudan

Givaudan is a leading manufacturer specializing in flavors, fragrances, and active cosmetic ingredients, founded in 1895 and based in Vernier, Geneva, Switzerland. With over 10,000 employees, Givaudan provides innovative sensory solutions to food and beverage companies, personal care brands, and household goods producers. Their strategic acquisitions, such as Drom Fragrances, Ungerer & Company, and Naturex, enhance their capabilities in the flavors and ingredients sector, which is crucial for bakery product manufacturing. The acquisition of DDW The Color House further strengthens their Taste & Wellbeing business, adding significant sales potential. Givaudan's participation in funding rounds, such as the Series C for Upside Foods, showcases their interest in innovative food solutions, which may include applications in the bakery industry.


7. Emmi Group

  • Website: group.emmi.com
  • Type: Corporate
  • Headquarters: Lucerne, Lucerne, Switzerland
  • Founded year: 1907
  • Headcount: 5001-10000
  • Number of deals in 2024: 4
  • LinkedIn: emmi-schweiz-ag

Emmi Group is a leading Swiss dairy manufacturer founded in 1907, specializing in high-quality dairy products such as cheese, yogurt, and lactose-free options. With a strong presence in multiple countries and numerous production sites, Emmi serves both consumers and businesses. In 2024, Emmi made a significant move by acquiring Mademoiselle Desserts, a France-based frozen-bakery business, for €900 million. This acquisition is expected to enhance Emmi's strategic premium desserts category, which will account for approximately 17% of its total sales post-transaction. This transaction highlights Emmi's commitment to expanding its offerings beyond dairy and into the bakery sector. Additionally, Emmi has been involved in various other acquisitions, primarily focused on dairy, but the Mademoiselle Desserts deal marks a notable entry into the bakery product manufacturing space.


8. Egeria REI GmbH Ijzendoorn & Co. KG


Egeria REI GmbH Ijzendoorn & Co. KG is a private equity investment firm based in Berlin, Germany, founded in 1997. The firm specializes in private equity and real estate, focusing on partnering with healthy businesses to drive sustainable growth through strategic investments. Egeria operates in the Netherlands, the DACH region, and North America, providing capital and management expertise to businesses seeking to expand and thrive. Notably, Egeria has acquired a majority stake in Dutch Bakery B.V., a Netherlands-based company known for its bake-off bread and snacks, which generates an annual turnover of approximately EUR 100 million. This acquisition, announced on October 18, 2017, is expected to facilitate Dutch Bakery's international expansion. Egeria has also been involved in other acquisitions, such as Ad van Geloven and Royal Herkel, but their investment in Dutch Bakery is particularly relevant to the bakery product manufacturing sector.


9. Sictic

  • Website: sictic.ch
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2014
  • Headcount: 201-500
  • Number of deals in 2024: 77
  • LinkedIn: sictic

Sictic is a not-for-profit venture capital organization based in Zurich, Switzerland, founded in 2014. It connects smart money investors with innovative Swiss early-stage technology startups, providing investment opportunities, networking events, and educational resources to facilitate the growth of startups and the investment community. In 2024, Sictic has been particularly active, with 77 investments. Notably, they have invested in Yeastup, which raised over $9.9 million in a Series A round, focusing on yeast production, a key ingredient in bakery products. They also invested in Luya Foods, which raised approximately $5.9 million in a Series A round, operating within the food sector. These transactions highlight Sictic's engagement in the food industry, particularly in areas relevant to bakery product manufacturing.


10. Capvis AG

  • Website: capvis.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1990
  • Headcount: 11-50
  • LinkedIn: capvis

Capvis AG is a private equity firm based in Baar, Zug, Switzerland, founded in 1990. The firm specializes in managing investments across various sectors, including healthcare and industrial technology, while also focusing on the food industry. Notably, Capvis acquired a majority stake in ProXES Group in 2017, a leader in process technology for the food industry, which highlights their engagement in sectors related to food production. Additionally, Capvis has made significant investments in companies like Kaffee Partner, a coffee specialist, and Orior AG, which operates in the food sector. These transactions reflect Capvis's strategy to enhance the market position of its portfolio companies through effective management and consulting, indicating a potential interest in the broader food manufacturing landscape, including bakery products.


11. Krones

  • Website: krones.com
  • Type: Corporate
  • Headquarters: Neutraubling, Bavaria, Germany
  • Founded year: 1951
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: krones-ag

Krones AG, founded in 1951 and based in Neutraubling, Bavaria, Germany, is a leading manufacturing company that specializes in technology solutions for the beverage and food industries. With over 10,000 employees and reported revenues of €4.7 billion, Krones provides a wide range of products including process technology, filling and packaging machines, and digital services. Their customers primarily include manufacturers and bottlers looking to enhance production efficiency and sustainability. Krones has made strategic acquisitions to strengthen its position in the food production sector, such as acquiring a 25% stake in Perfinox to enhance research and development capabilities, and acquiring Unicorn Industries Private Limited, which specializes in turnkey solutions for food and beverage production. These transactions highlight Krones' commitment to expanding its technology offerings in the food sector, including bakery products.


12. Aryzta

  • Website: aryzta.com
  • Type: Corporate
  • Headquarters: Schlieren, Zurich, Switzerland
  • Founded year: 2008
  • Headcount: 10001+
  • LinkedIn: aryzta-llc

ARYZTA AG is a corporate investor based in Schlieren, Zurich, Switzerland, specializing in the bakery sector. Founded in 2008, Aryzta focuses on providing high-quality baked goods, including bread, rolls, and morning bakery items, catering to food service providers, retailers, and quick service restaurants. The company operates with a multi-local approach, ensuring responsiveness to local market needs. Notably, Aryzta has made strategic acquisitions to enhance its manufacturing capabilities and market presence, including the acquisition of Klemme AG for EUR 280 million in 2013, which aimed to strengthen its position in the European bakery market. Additionally, Aryzta acquired Prepain BV in 2015, further expanding its portfolio in the bakery sector. These transactions highlight Aryzta's commitment to the bakery product manufacturing industry and its strategy to enhance its offerings and market reach.


13. LeadX Capital Partners


LeadX Capital Partners is a Munich-based venture capital firm founded in 2017, specializing in providing expansion capital to technology-enabled companies across various sectors, including industrial, health, and consumer. The firm leverages its expertise and industry networks to support entrepreneurs in scaling their businesses effectively, with a focus on driving sustainable digital transformation. Notably, LeadX has been involved in transactions with companies like Motatos, a sustainable e-commerce platform, and Matsmart, which focuses on reducing food waste. These investments highlight their interest in the food sector, particularly in innovative solutions that align with sustainability, which could extend to bakery product manufacturing in the future.


14. Paragon Partners

  • Website: paragon.de
  • Type: Private Equity
  • Headquarters: Munich, Bavaria, Germany
  • Founded year: 2004
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: paragon-partners_2

Paragon Partners GmbH is a private equity investment firm based in Munich, Bavaria, Germany, founded in 2004. The firm specializes in private equity investments in established medium-sized enterprises, providing capital and strategic support to enhance business operations and foster growth. Paragon Partners manages approximately €1.2 billion in equity and focuses on sustainable investment opportunities for institutional investors. Notably, they have been involved in several transactions relevant to the food industry, including the acquisition of KADI AG, a Swiss frozen food producer, which generated significant sales and has seen growth in operating results. Additionally, they acquired Lutz Convenience Food, further indicating their interest in the food sector. These transactions highlight Paragon Partners' commitment to investing in companies that may intersect with the bakery product manufacturing industry.



Bakery Product Manufacturing Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
NestléVevey, Vaud, Switzerland10001+18662
Dr. OetkerBielefeld, North Rhine-Westphalia, Germany10001+18910
BrenntagEssen, North Rhine-Westphalia, Germany10001+18748
AmcorZurich, Zurich, Switzerland10001+18640
Valora GroupMuttenz, Basel, Switzerland10001+19050
GivaudanVernier, Geneva, Switzerland10001+18950
Emmi GroupLucerne, Lucerne, Switzerland5001-1000019074
Egeria REI GmbH Ijzendoorn & Co. KGBerlin, Berlin, Germany51-20019970
SicticZurich, Zurich, Switzerland201-500201477
Capvis AGBaar, Zug, Switzerland11-5019900
KronesNeutraubling, Bavaria, Germany10001+19512
AryztaSchlieren, Zurich, Switzerland10001+20080
LeadX Capital PartnersMunich, Bavaria, Germany1-1020170
Paragon PartnersMunich, Bavaria, Germany11-5020042


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