Acquisition of Bakkerij Faber & Smithuis by Market Food Group

Yuno Advisors has advised the shareholders of Market Food Group (“MFG”), producer of bread and pastry products and holding company of franchise formats such as ‘t Stoepje and Le Perron – on the acquisition of Bakkerij Faber & Smithuis, producer of daily fresh and long-life bread products for Food Retail, wholesale and Foodservice.

The combination of MFG, Faber and Smithuis creates a bakery group with 4 production locations in Bunschoten-Spakenburg (2x), Hoogeveen and Oldenzaal, and 5 distribution centers throughout the country. The group has a combined workforce of around 265, with no negative impact on employment from the transaction. Through the merger, the group will achieve more critical mass and continuity for the long term and will aim at further growth of activities and employment. Both companies are highly complementary in terms of product range, production capabilities, sales channels and logistics. As such, the group offers a larger platform for MFG’s specialties, and Faber and Smithuis’ production and logistics capabilities can be used more broadly. Both companies will also join forces in export markets.

Bakkerij Faber (www.bakkerij-faber.nl) from Hoogeveen and Bakkerij Smithuis (www.smithuis.nl) from Oldenzaal have been operating as leading bakeries in the north and east of the Netherlands for more than 100 years (founded 1883 and 1889 respectively). To this day, Faber and Smithuis continue to bake a complete range of daily fresh and long-life bread products for Food Retail, wholesale and Foodservice. Faber and Smithuis’ two efficient production sites employ around 85 people.

Market Food Group (www.marketfoodgroup.nl) has been operating as a bread and pastry bakery since 1979 with several well-known franchise formulas, such as ‘t Stoepje and Le Perron. With 115 franchisees, these formulas are present at more than 600 markets throughout the Netherlands and at various high-street locations. This makes MFG the market leader in itinerant trade, as well as supplying bread and pastry specialties to Food Retail, Foodservice, Export and for meal boxes. MFG is a flexible specialty bakery employing around 180 people, supplying mainly artisan, healthy, sustainable and sugar-free products to both business customers and consumers.

Yuno Advisors acted as MFG’s exclusive advisor throughout the process for both the acquisition of Bakkerij Faber & Smithuis and arranging a complete (re)financing. Our advice included general deal coordination, structuring and modelling of the envisaged transaction, assisting in negotiations, drafting a letter of intent, drafting a financing memorandum, financial modelling including sensitivity and valuation analyses, receiving and negotiating term sheets for the financing, coordinating the due diligence and negotiating the financing, transaction and other process documentation.

Click here for Market Food Group’s original press release (in Dutch).