Swander Pace Capital Acquires Bäckerhaus Veit

Canadian Artisan Bakery Marks Newest Addition to Growing Portfolio

MISSISSAUGA, Ontario–(BUSINESS WIRE)–Swander Pace Capital, a leading private equity firm specializing in
investments in consumer products companies, has acquired Bäckerhaus
Veit, Ltd., a leading producer of artisan, European-style breads, rolls,
buns and soft pretzel products for top-tier retail and foodservice
customers across North America.

Founded in 1987 by award-winning entrepreneur and CEO Sabine Veit,
Bäckerhaus Veit draws on more than 90 years of family heritage in the
baking industry, dating back to Veit’s family roots in the Stuttgart
region of Germany.

Under Veit’s leadership, the company has grown from serving a handful of
Toronto-area retail locations to becoming North America’s signature
bakery of the finest authentic European artisan breads, rolls and
pretzel products. The company’s success has been built on providing
innovative solutions and unmatched customer service to major retailers
and foodservice customers in the United States and Canada.

“Bäckerhaus Veit has built a tremendous business by staying true to the
foundations of traditional artisan bread making. The company has built
enduring relationships with its customers and suppliers, and it is able
to recreate high-quality products derived from old-world recipes,
allowing it great success in today’s modern marketplace,” said Heather
Smith Thorne, managing director at Swander Pace Capital. “This
achievement is a testament to the leadership of Sabine and her talented
team, as well as the technological advantages afforded by a newly built,
best-in-class baking facility.”

The acquisition marks Swander Pace’s most recent investment in the baked
goods industry, having completed previous transactions with
Ontario-based Voortman Cookies and Pineridge Bakery, the latter of which
was sold to Aryzta AG in 2014. As part of the new relationship with
Swander Pace, Veit will continue to be involved with the company and
will be an active board member.

“Swander Pace is the ideal partner to help us achieve our next phase of
growth,” said Veit. “They have vast understanding and deep experience in
this space, not to mention a long history of giving companies the advice
and backing they need to succeed. I am looking forward to working with
the Swander Pace team to continue to build strong partnerships, grow
awareness of our products and capabilities, and expand our distribution
footprint across North America.”

“Bäckerhaus Veit’s reputation for operational excellence, product
quality, consistency, and taste has earned it a fiercely loyal customer
base,” added Tyler Matlock, senior vice president at Swander Pace. “We
look forward to working with the company to build on its legacy of
growth and success.”

Duff & Phelps Securities Canada acted as exclusive advisor to Bäckerhaus
Veit on the transaction. Terms of the deal were not disclosed.

About Swander Pace

Swander Pace Capital (SPC) is a private equity firm that invests in
companies that are integral to consumers’ lives. SPC’s consumer industry
expertise informs the firm’s strategic approach and adds value through
access to its proven SPC Playbook, senior team, and extensive network.
The firm partners with management teams to help build companies to their
full potential. SPC invests in businesses across three domains of
consumer lifestyles: Food + Beverage, Body + Wellness, and Home +
Family. With offices in San Francisco, New Jersey, and Toronto, SPC has
invested in more than 45 companies and raised cumulative equity
commitments of approximately $1.8 billion since 1996. For more
information, visit www.spcap.com

About Bäckerhaus Veit

Steeped in European heritage, Bäckerhaus Veit is a premium artisan
bakery that fuses Old World craftsmanship with New World technology. The
company bakes handcrafted breads, rolls and pretzel products using
clean, nutritious ingredients and proven family recipes. Bäckerhaus Veit
has an unwavering commitment to quality and features best-in-class
industry practices in its manufacturing process, staying true to the
original intention of what real bread is supposed to be — a delicious,
nutritious eating experience. Supported by a team of European-trained
bakers, Bäckerhaus Veit sells into the North American retail, home meal
replacement, foodservice, institutional, and convenience store channels.
For more information, visit www.backerhausveit.com

Contacts

Sean Mogle
LANE, a Finn Partners Company
Phone: 212.593.5801
sean.mogle@finnpartners.com