COOLBACK acquired by EUROPEAN BAKERY GROUP
Context
3i Group plc continues the development of its European bakery platform through the combination of Dutch Bakery and coolback. Dutch Bakery is a leading producer of private-label bake-off bread and snack products, serving retail and foodservice customers across European markets. The transaction represents a key milestone in 3i’s original investment thesis. By combining Dutch Bakery and coolback, the business is rebranded as European Bakery Group, creating a pan-European platform focused on bake-off bread and snack products. The combination brings together complementary production assets, product portfolios and customer relationships across multiple markets. It strengthens the group’s geographic reach, enhances its position in a fragmented sector and provides a scalable platform to pursue both organic expansion and further consolidation opportunities throughout Europe.
COOLBACK, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the AgriFood sector (11.0x).
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Target
coolback is a German industrial bakery group focused on private-label bake-off products. Founded in 1999 and headquartered in the Berlin region, the company has established itself as a key supplier to food retail, foodservice and catering customers across Germany, the Nordics and Poland. The company operates three production facilities located in Jänickendorf, Hoppegarten and Luckenwalde. Its product portfolio includes frozen and modified-atmosphere bake-off goods, ranging from rolls and speciality breads to filled baguettes, organic products and gluten-free offerings. coolback’s business model combines large-scale industrial manufacturing with customised private-label product development. The company focuses on tailored recipes, production flexibility and category innovation to support long-term customer relationships.
Ent. Value
€1–100M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
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| 03/2023 | CARLSBERG GROUP | WATERLOO BREWING | CANADA | Wines & Spirits |
| 03/2023 | NACTAROME GROUP | ROYAL BUISMAN | NETHERLANDS | Ingredients |
| 02/2023 | PAI PARTNERS | LA COMPAGNIE DES DESSERTS | FRANCE | Bakery / Pastry |
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Other operations with EUROPEAN BAKERY GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2021 | 3I | EUROPEAN BAKERY GROUP | NETHERLANDS | Bakery / Pastry |
| 10/2017 | EGERIA | EUROPEAN BAKERY GROUP | NETHERLANDS | Bakery / Pastry |
REFERENCES
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: coolback
Acquirer: european bakery group