The transaction involves the acquisition of Bäckerei Kamps GmbH by Argos Wityu from the French conglomerate Le Duff Group. This acquisition is a pivotal step in Argos Wityu's overarching strategy to consolidate the German bakery market, following its 2024 acquisition of Bäckerei Schmidt and subsequent add-on deals in 2025. The integration of Kamps into the existing platform creates a powerhouse in the sector, operating over 400 branches nationwide. The rationale for the deal is rooted in achieving significant economies of scale, particularly in procurement, production, and logistics, while maintaining the strong local brand identities of the individual chains. By combining Kamps' extensive high-traffic retail network with the operational platform of Bäckerei Schmidt, Argos aims to build the leading bakery group in Germany. The group plans to drive further growth through both organic store expansion and continued opportunistic acquisitions in the fragmented German artisanal and industrial bakery landscape. This deal also marks the exit of Le Duff Group from the German retail bakery market, allowing them to refocus their portfolio while Kamps enters a new phase of independent, PE-backed consolidation.

This transaction is part of the Retail & Consumer industry, which currently tracks an average EBITDA multiple of 10.9x since the beginning of 2026, 10.3% decrease compared to 2025. This data is based on the contribution of our growing community, composed of M&A and private equity professionals.