FSN Capital backs burgeoning bakers Bäcker Görtz

The owners of Bäcker Görtz are retaining a minority stake.

  • Owners the Görtz family founded Bäcker Görtz in 1963
  • The company has revenues of approximately €130 million
  • Bäcker Görtz has grown revenues organically at a compound annual growth rate of 14% since 2006

FSN Capital Partners has bought German bakery group Bäcker Görtz via its FSN Capital VI fund. The investment is in line with FSN Capital’s approach to supporting founder-led businesses in their next stage of growth.

The Ludwigshafen, Germany-based company is a bakery chain with a network of approximately 200 branches. Owners the Görtz family founded the firm in 1963. As part of the deal, Peter and Frank Görtz will continue as co-CEOs and retain a minority stake.

“We look forward to supporting the two founder CEOs in growing their business organically and through M&A – and bringing the Görtz system into further regions in Germany,” said Robin Mürer, co-managing partner at FSN Capital Partners, investment advisor to FSN Capital VI. “Eating out-of-home is a consumer macrotrend that will drive market growth for many years to come, and Bäcker Görtz is well-positioned to serve this need.”

The German bakery market is worth an estimated €15 billion. Bäcker Görtz has revenues of around €130 million and has grown revenues organically with a compound annual growth rate of 14 percent since 2006. FSN’s investment will focus on continued organic growth, as well as add-on acquisitions in the large and highly fragmented German bakery market, while driving sustainability within the business.

FSN Capital Partners is a Northern European private equity firm and investment advisor to the FSN Capital Funds, with €4 billion under management. FSN Capital Funds make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities. It was founded in 1999 and is headquartered in Oslo.