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Tjendrawasih Dutch Bakery


Yuno distinguishes itself with its sector knowledge

“Yuno Advisors distinguishes itself with the sector knowledge they possess or build up rapidly within a certain market segment. They are able to convert that knowledge into a strategy and plan, and are therefore very capable to link potential buyers and sellers of companies. Very reliable professionals!”

Carel van Bemmelen, Chairman Supervisory Board of Royaan Group


Royaan Group sold the oriental snacks producer Tjendrawasih, located in Alkmaar, the Netherlands, to the bake-off and bread snacks company Dutch Bakery together with Standard Investment. Royaan has been part of NPM Capital – the private equity vehicle of SHV Holdings from the Fentener van Vlissingen family – since 2007, after the acquisition of Cold Food, well-known for its Kwekkeboom en Van Dobben brands. Tjendrawasih was acquired by Royaan Group in 2010 from the Tan family, but continued to operate as an independent unit. At the same time as the sale of Tjendrawasih, Royaan also divested its non-oven snack activities related to Kwekkeboom and Van Dobben to snack producer Van Geloven.

Role Yuno Advisors

We assisted the seller Royaan Group in the entire limited controlled auction sale process. Our advisory services covered all aspects of the process, including contacts with potential acquirers, drafting of the information memorandum, financial modelling and budgeting, process documentation, drafting of a letter of intent, due diligence co-ordination, assisting in deal negotiations and transaction documentation. Moreover, we advised the manager of Tjendrawasih, Winus Sloot, in addition to the general sale process also with regard to his envisaged management participation.

About Tjendrawasih

Tjendrawasih was founded in 1977 in the city of Alkmaar, and is active in the production of oriental snacks and convenience bread snacks such as bapao, pita, pasty, lemper, risolles, gua bao and open-top bread snacks. The products of Tjendrawasih are sold in the Dutch retail channel, food service and the oriental sales channel, both under its own brands (Tjendrawasih, Mayam, Humapro en Java Food) and private labels.

About Dutch Bakery

Dutch Bakery is a leading Dutch producer of bake-off bread and bread snacks. The company was founded in 1936 by the grandfather of the current key shareholders. The company owns factories in the cities of Waalwijk, Tilburg and Eindhoven, employing approximately 400 people. Dutch Bakery is specialised in home bake-off products and bakes a yearly quantity of almost 1 billion bread products, including crusty bread and kaiser rolls, croissants, baguettes and sausage-rolls. The products of Dutch Bakery are sold in the Netherlands and abroad to large food retail chains. Including Tjendrawasih the group generates revenues around €100 million. Since the acquisition of the reduced-oxygen bake-off activities of Bakkersland in 2012, private equity investor Standard Investment acts as investment partner of Dutch Bakery.