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04/2024

PANDRIKS acquired by BRIDOR

NETHERLANDS Food Processing / Food Products / Bakery / Pastry EV 300M - 700M EUR

Context

Strengthening its leadership in the premium European bakery market, Bridor has completed the acquisition of the Dutch group Pandriks. This transaction is a key component of Groupe LE DUFF’s broader strategy to scale its industrial branch, which now nears the €3 billion annual revenue milestone. The strategic rationale for the deal is the immediate integration of specialized organic bread-making capabilities and two highly efficient manufacturing sites in the Netherlands and Germany. As part of the merger, BRIDOR has committed to finalizing a €75 million investment plan initiated by Pandriks to double its production volume over the next five years. This partnership is designed to blend Pandriks’ sourdough expertise with BRIDOR’s high-gastronomy heritage—supported by its long-standing collaboration with Maison Lenôtre and the Meilleurs Ouvriers de France (MOF). By securing this Northern European hub, BRIDOR enhances its ability to serve the "bake-at-home" retail segment and reinforces its commitment to the premiumization of the global frozen food industry.

PANDRIKS, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (10.5x).

-> Deep-dive in AgriFood market trends

Target

Pandriks is a European baking specialist focused on organic products and artisanal-inspired bread. Founded in the Netherlands in 2012, the company has developed a premium range of baked goods crafted from simple recipes and long fermentation processes, prioritizing quality and natural ingredients. The group operates on an advanced industrial model, combining modern production technologies with an artisanal approach. With two manufacturing sites in the Netherlands and Germany, Pandriks is well-positioned to serve a broad customer base across Europe and internationally. Pandriks markets its products through two primary channels. On one hand, the company offers private-label products to major retailers. On the other hand, it has a branded range called SlooOW, targeting home baking and specialty retail. This dual strategy enables Pandriks to cater to both industrial and premium segments. As a key player in the organic and high-end bread market, the group benefits from the growing demand for high-quality ingredients and more natural production methods. Pandriks differentiates itself by its ability to produce on a large scale while replicating traditional baking techniques. With a presence in several Northwest European markets, Pandriks primarily serves distributors, foodservice operators, and hotel chains, offering tailored solutions for large accounts and international networks.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
2023

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REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PANDRIKS by BRIDOR are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: pandriks

Acquirer: bridor