M&A Deal Summary

PNC Riverarch Capital Acquires Backerhaus Veit

On January 9, 2023, private equity firm PNC Riverarch Capital acquired food company Backerhaus Veit from Swander Pace Capital

Acquisition Highlights
  • This is PNC Riverarch Capital’s 2nd transaction in the Food sector.
  • This is PNC Riverarch Capital’s 3rd transaction in Canada.
  • This is PNC Riverarch Capital’s 2nd transaction in Ontario.

M&A Deal Summary

Date 2023-01-09
Target Backerhaus Veit
Sector Food
Buyer(s) PNC Riverarch Capital
Sellers(s) Swander Pace Capital
Deal Type Secondary Buyout

Target

Backerhaus Veit

Mississauga, Ontario, Canada
website
Backerhaus Veit is a producer of artisan, European-style breads, rolls, buns, and soft pretzel products for top-tier retail and foodservice customers across North America. Backerhaus Veit was founded in 1987 and is based in Mississauga, Ontario.

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Buyer(S) 1

Buyer

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.


DEAL STATS #
Overall 30 of 34
Sector (Food) 2 of 3
Type (Secondary Buyout) 11 of 12
State (Ontario) 2 of 2
Country (Canada) 3 of 3
Year (2023) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 Radiance Holdings

Lakewood, Colorado, United States

Radiance Holdings represents a collection of premier brands in the beauty, wellness, and self-care sector. Radiance's current brand portfolio includes Sola Salons, a salon studios franchise; Woodhouse, a day spa brand in the U.S.; and BeautyHive, an online distributor of professional beauty products. The company is committed to investing in its brands, driving innovation, and helping its franchisees and their community of independent beauty professionals grow their businesses and improve their lives. Radiance Holdings is based in Lakewood, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-10 APA Industries

Simi Valley, California, United States

APA Industries is a supplier of replacement parts to the automotive aftermarket. APA designs, sources, and distributes a wide range of more than 8,000 automotive parts to a diverse range of warehouse distributor, retail, and eCommerce customers through its URO Parts and Autotecnica brands. APA Industries was founded in 1984 and is based in Simi Valley, California.

Buy -

Seller(S) 1

SELLER

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.


DEAL STATS #
Overall 39 of 41
Sector (Food) 20 of 21
Type (Secondary Buyout) 13 of 15
State (Ontario) 3 of 3
Country (Canada) 7 of 7
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-02 T-Bev

Eugene, Oregon, United States

T-Bev is a manufacturer and distributor of tea extracts, instant tea, natural and organic caffeine, and other botanical extracts catering to the functional beverage and dietary supplement markets. T-Bev was founded in 2015 and is based in Eugene, Oregon.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-13 Aden & Anais

Brooklyn, New York, United States

Aden & Anais is a designer and marketer of branded baby products sold primarily through independent boutique stores. Aden & Anais was formed in 2006 and is based in Brooklyn, New York.

Sell -