The bakery product manufacturing industry in Benelux is vibrant and integral to the region's food sector. Companies involved range from artisanal bakers creating gourmet items to large-scale producers delivering mass-market products. This industry is expanding as consumer preferences shift towards healthier options and innovative flavors. With sustainability becoming a priority, many companies are adopting eco-friendly practices and sourcing local ingredients. Belgium, the Netherlands, and Luxembourg boast a variety of baked goods, from bread and pastries to specialty items like cookies and cakes, positioning this sector for continued growth in a health-conscious market.


The investors listed are a mix of corporate entities, private equity firms, and venture capitalists. They are primarily based in Belgium and the Netherlands, ranging from small firms with 11-50 employees to larger ones exceeding 5,000. Founded between 1932 and 2018, these investors made a notable number of deals in 2024, collectively investing in companies across the bakery space. Noteworthy transactions include funding companies like EIT Food and CVC Capital Partners investing in major bakery firms.


Top 17 Bakery Product Manufacturing Investors in Benelux


1. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity investment firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made significant strides in the bakery product manufacturing sector, highlighted by their recent acquisitions of Berlys and Grupo Monbake, both of which are key players in the bakery industry. Berlys is known for its diverse range of bakery products, while Grupo Monbake is a leading frozen dough company in Spain, showcasing CVC's commitment to investing in companies that deliver sustainable value and growth within the bakery sector. Additionally, CVC's portfolio includes other food-related companies, further emphasizing their broad interest in the food industry.


2. EIT Food

  • Website: eitfood.eu
  • Type: Corporate
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2016
  • Headcount: 51-200
  • Number of deals in 2024: 37
  • LinkedIn: eit-food

EIT Food is a not-for-profit organization based in Leuven, Flanders, Belgium, founded in 2016. It aims to transform the food system through innovation, education, and entrepreneurship. EIT Food supports agrifood startups and entrepreneurs by providing resources, funding opportunities, and educational programs aimed at creating healthier and sustainable food solutions. Their initiatives engage various stakeholders, including businesses and the public, to foster collaboration and drive change in the food sector. Notably, EIT Food has been involved in transactions such as Rebread, which raised funds for sustainable bread alternatives, and Eatch, which also received grants. These transactions highlight their commitment to supporting innovations that could benefit the bakery product manufacturing industry.


3. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a corporate investor based in Antwerp, Flanders, Belgium, specializing in the distribution of specialty chemicals and providing innovation services. Founded in 2001, Azelis serves over 63,000 customers across various sectors, including life sciences and industrial applications. In recent years, Azelis has made significant strides in the food ingredients market through strategic acquisitions. Notably, they acquired Hortimex, a Polish specialty chemicals distributor focused on food ingredients, which enhances their footprint in the Food & Nutrition market. Additionally, their acquisition of Tunçkaya, a Turkish distributor of food ingredients and additives, further solidifies their position in the food sector. These transactions demonstrate Azelis's commitment to expanding its portfolio in the food industry, including bakery products, by leveraging established distribution networks and expertise in food ingredients.


4. Lotus Bakeries


Lotus Bakeries NV, founded in 1932 and based in Kaprijke, Flanders, Belgium, is a prominent snack food manufacturer recognized for its iconic Biscoff cookies and a range of healthy snack bars. The company caters to both consumers and businesses in the retail and food service sectors, emphasizing quality and innovation. Lotus Bakeries operates multiple production facilities across various countries. Notably, the company has made significant acquisitions to strengthen its position in the bakery product sector, including the acquisition of Koninklijke Peijnenburg, a leading Dutch gingerbread firm, in 2006, and the purchase of Peter’s Yard, a UK-based maker of sourdough crackers, in 2022. These strategic moves highlight Lotus Bakeries' focus on expanding its portfolio within the bakery industry.


5. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a Brussels-based venture capital firm founded in 1995, specializing in high-growth consumer brands across various sectors, including food, beverage, health, and technology. The firm provides long-term capital and strategic advisory services to help brands scale and innovate. Their portfolio includes a diverse range of companies that prioritize consumer needs and sustainable practices. Notably, Verlinvest has been involved in transactions such as Insomnia Cookies, a company that specializes in cookie delivery, which aligns with the bakery product sector. Additionally, they have invested in Epigamia, a Greek yogurt maker, which, while not a bakery product, demonstrates their interest in innovative food brands. Their investment in Oatly, a company known for its oat-based products, further highlights their focus on the food and beverage industry. These transactions suggest that Verlinvest is actively engaged in the food sector, which could include bakery products in the future.


6. Jab Holding Company LLC

  • Website: jabholco.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2007
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: jab-holding-company-llc

JAB Holding Company LLC is a private equity firm based in Amsterdam, Netherlands, founded in 2007. The firm specializes in consumer goods and services, with a focus on long-term investments and sustainable value creation. JAB has made significant acquisitions in the bakery product manufacturing sector, including Krispy Kreme, which they acquired for $1.35 billion in May 2016, and Panera Bread, acquired for over $7 billion in April 2017. Additionally, JAB acquired the Einstein Noah Restaurant Group in September 2014, which operates several bakery-cafe brands. These transactions highlight JAB's commitment to the bakery industry, alongside their investments in other sectors such as coffee and fast casual dining.


7. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, Gimv has made significant investments in the bakery product manufacturing sector, including a substantial minority stake in Vandemoortele for EUR 75 million, aimed at supporting the company's growth in its frozen bakery division. Additionally, Gimv acquired La Comtoise, further indicating its engagement in the food industry. These transactions highlight Gimv's commitment to supporting companies within the bakery sector, alongside its broader investment strategy.


8. Astorg

  • Website: astorg.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 1998
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: astorg

Astorg is a private equity firm based in Luxembourg, founded in 1998, specializing in investments in global B2B companies. With €22 billion in assets under management, Astorg focuses on creating long-term value through a disciplined investment process and strong partnerships with entrepreneurs. They provide capital, strategic guidance, and governance to management teams across various sectors, including healthcare, technology, and business services. Notably, Astorg has made significant investments in the food sector, including the acquisition of Mecatherm, a company that specializes in bakery equipment, and Solina Group, a producer of food ingredients. These transactions highlight Astorg's interest in the bakery product manufacturing industry, making them a relevant investor in this space.


9. BIO - the Belgian Investment Company for Developing Countries


BIO - the Belgian Investment Company for Developing Countries is a not-for-profit organization established in 2001, based in Brussels, Belgium. It focuses on providing investment support and development financing to private sector companies in developing countries, aiming to empower these businesses to thrive and contribute to their local economies. Among its notable transactions, BIO has invested in Puratos Grand-Place Indochina, which raised significant funds through debt financing and non-equity assistance, indicating a commitment to the bakery product manufacturing sector. Additionally, BIO has engaged with other companies like AgroServ Industry and Gebana, showcasing its diverse investment portfolio while still maintaining a connection to the bakery industry through its support of Puratos.


10. Triton Partners


Triton Partners is a private equity investment firm founded in 1997, based in Luxembourg. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton partners with management teams to address challenges and drive growth. Notably, Triton has made significant acquisitions in the food sector, including Geia Food, which they acquired in 2021, indicating their involvement in the food industry. Additionally, their earlier acquisitions of companies like Semper and Stenqvist in 2003 further demonstrate their engagement in the food sector, which may include bakery products. This operational expertise and history of investments in food-related companies position Triton as a relevant player in the bakery product manufacturing space.


11. NPM Capital

  • Website: npm-capital.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1948
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: npm-capital

NPM Capital is a private equity investment firm based in Amsterdam, North Holland, Netherlands, founded in 1948. The firm focuses on supporting medium-sized and large companies, particularly family-owned enterprises in the Benelux region. NPM Capital provides capital and strategic advisory services to help these businesses achieve growth and sustainability. The firm operates across various sectors, including technology and education, but has also made significant investments in the food sector. Notably, NPM Capital acquired Continental Bakeries on June 23, 2006, which is a key player in the bakery product manufacturing industry. This acquisition highlights NPM Capital's engagement in the bakery sector, alongside other investments such as HAK and NewForrest, which, while not directly related to bakery products, showcase the firm's diverse investment portfolio.


12. Louis Dreyfus Company

  • Website: ldc.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1851
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: louis-dreyfus-company

Louis Dreyfus Company B.V. is a corporate investor based in Rotterdam, South Holland, Netherlands, founded in 1851. As a for-profit agricultural merchant and processor, LDC operates across various sectors, including food processing, bioenergy, and transportation. The company supplies a wide range of agricultural products to businesses in the food and beverage industry, ensuring a reliable and sustainable supply chain. In 2024, LDC announced its acquisition of Cacique, the largest exporter of soluble coffee in Brazil, which indicates their strategic focus on expanding their food processing capabilities. Additionally, they have been involved in funding rounds for companies like Gathered Foods and its plant-based seafood brand Good Catch, which highlights their interest in innovative food products. While their recent transactions do not directly mention bakery products, their overall involvement in the food processing sector suggests a potential interest in bakery product manufacturing.


13. Cobepa

  • Website: cobepa.com
  • Type: Private Equity
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1957
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cobepa

Cobepa is a private equity investment company based in Brussels, Belgium, founded in 1957. It specializes in providing investment management and strategic support to enhance the growth and sustainability of its partner businesses. Cobepa operates with a permanent capital base, allowing it to invest across various industries. Notably, Cobepa acquired a 30% minority stake in Le Pain Quotidien, a Belgian restaurant and bakery chain, in 2016 to support its growth. This investment highlights Cobepa's engagement in the bakery sector. Additionally, Cobepa has made other acquisitions in different sectors, such as All Crump and Enoplastic, showcasing its diverse investment portfolio.


14. Ergon Capital


Ergon Capital is a private equity firm based in Brussels, Belgium, founded in 2005. The firm specializes in investment management and sustainability consulting, partnering with families, entrepreneurs, and management teams to enhance business value while promoting ESG initiatives. Among their notable transactions, Ergon Capital acquired a majority stake in Dolciaria Acquaviva, a prominent player in the frozen bakery sector, in August 2019. This acquisition highlights their strategic interest in the bakery product manufacturing industry. Additionally, they have acquired Haudecoeur, a France-based food company, further showcasing their involvement in the food sector. Ergon Capital operates across various sectors, providing strategic support to its portfolio companies and engaging in philanthropic efforts to foster positive societal impact.


15. Parcom Capital

  • Website: parcomcapital.com
  • Type: Corporate
  • Headquarters: Schiphol, North Holland, Netherlands
  • Founded year: 1982
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: parcom-capital

Parcom Capital is a corporate investment firm based in Schiphol, North Holland, Netherlands, founded in 1982. The firm specializes in private equity, focusing on unlocking the potential of businesses through investment management and strategic support. Parcom Capital has a diverse portfolio, partnering with companies across multiple sectors to facilitate sustainable growth and transformation. Notably, they have made significant investments in the bakery product manufacturing sector, including the acquisition of Bakkersland in 1999, which is a key player in the bakery industry. They also acquired Uniekaas in 2007 and Koninklijke Euroma in 2017, showcasing their active role in the food production space. These transactions highlight Parcom's commitment to investing in companies that contribute to the food sector, including bakery products.


16. Navus Ventures

  • Website: navusventures.nl
  • Type: Corporate
  • Headquarters: Maassluis, South Holland, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn:

Navus Ventures is a corporate venture capital firm based in Maassluis, South Holland, Netherlands, founded in 2013. The firm specializes in investing in high-tech companies that focus on sustainable food and energy solutions. With a team that boasts over 75 years of experience in technological innovation and market deployment, Navus Ventures provides active support and guidance to its portfolio companies. Notably, they have participated in several transactions relevant to the food sector, including a seed investment in 1-2-Taste, a B2B food ingredients platform that aims to accelerate growth and geographic expansion. Additionally, they led a funding round for Cultivated Biosciences, which is introducing yeast cream to the market, indicating their interest in innovative food technologies. While their investments are not exclusively in bakery products, their involvement in food-related ventures suggests a potential alignment with the bakery product manufacturing industry.


17. AAC Capital Partners


AAC Capital Partners is a private equity investment firm based in Amsterdam, Netherlands, founded in 1982. The firm specializes in supporting mid-sized businesses in the Benelux region by providing growth capital and strategic guidance to help them achieve their international growth ambitions. AAC Capital focuses on fostering entrepreneurship and sustainable growth through partnerships with management teams. Notably, they acquired Signature Foods, a company involved in bakery product manufacturing, on June 1, 2012. This acquisition highlights their engagement in the bakery sector. Additionally, they have made other acquisitions, such as Yarrah Organic Pet Food and Lucas Bols N.V., which, while not directly related to bakery products, demonstrate their active investment strategy in various sectors.



Bakery Product Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
EIT FoodLeuven, Flanders, Belgium51-200201637
AzelisAntwerp, Flanders, Belgium1001-500020015
Lotus BakeriesKaprijke, Flanders, Belgium1001-500019320
VerlinvestBrussels, Brussels, Belgium11-5019955
Jab Holding Company LLCAmsterdam, North Holland, Netherlands10001+20071
GimvAntwerp, Flanders, Belgium51-20019808
AstorgLuxembourg51-20019988
BIO - the Belgian Investment Company for Developing CountriesBrussels, Brussels, Belgium51-20020014
Triton PartnersLuxembourg201-50019976
NPM CapitalAmsterdam, North Holland, Netherlands11-5019481
Louis Dreyfus CompanyRotterdam, South Holland, Netherlands10001+18515
CobepaBrussels, Brussels, Belgium11-5019572
Ergon CapitalBrussels, Brussels, Belgium11-5020050
Parcom CapitalSchiphol, North Holland, Netherlands11-5019821
Navus VenturesMaassluis, South Holland, Netherlands11-5020133
AAC Capital PartnersAmsterdam, North Holland, Netherlands11-5019821


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