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M&A

PANDRIKS

Acquired by

BRIDOR

NETHERLANDS Food Processing EV [100m EUR - 500m EUR] 04/2024

Target

PANDRIKS

Acquirer

BRIDOR

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.

Target

Founded as a high-tech industrial bakery with an "artisanal heart," Pandriks specializes in premium organic and traditional sourdough breads. The group operates two state-of-the-art production facilities in Meppel (Netherlands) and Fulda (Germany), employing 400 people. Its business model focuses on "Clean Label" products with long fermentation processes, marketed under its own brand SlooOW for home-bake retail and via private label contracts for major European retailers and hospitality chains. Strategically, Pandriks distinguishes itself through a high-growth organic portfolio and advanced automated baking technology that replicates traditional methods at scale. The company serves a dense Northern European client base, positioning itself as a leader in the "premiumization" of the frozen bakery aisle, with a specific focus on sustainability and high-quality local ingredients.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
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EBITDA
EBIT
2024
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2023
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Other operations with PANDRIKS