PITTSBURGH — The middle-market private equity firm PNC Riverarch Capital has acquired baked foods manufacturer Backerhaus Veit, Ltd. Mississauga, Ont., from Swander Pace Capital. The terms of the transaction were not disclosed.
Based in Mississauga, Ont., Backerhaus Veit is a manufacturer of European-style bread, rolls, buns and soft pretzels that are sold at foodservice and retail. Swander Pace Capital acquired the company in 2018 for an undisclosed sum. In 2019, Backerhaus Veit acquired Prop & Peller, a manufacturer and marketer of Bavarian-style pretzels to the foodservice category.
“It has been a pleasure partnering with the Backerhaus Veit team to help the company reach its potential and pave the way for its next chapter of growth,” said Tyler Matlock, managing director at Swander Pace Capital. “We look forward to watching Backerhaus Veit continue its success.”
Backerhaus Veit will join Costanzo’s Bakery, Buffalo, NY, as part of PNC Riverarch Capital’s current investment portfolio. PNC Riverarch acquired the Costanzo’s business in 2018. It is a wholesale bakery providing artisan bread and rolls to retail and foodservice.