Deal Announcement 05/24: Retail & Consumer

The Deal

The PwC M&A team is pleased to announce that the private shareholders, including the current majority shareholder and member of the founding family, Thomas Meyer have sold a majority stake in Meyer Menü Beteiligungs-GmbH to funds advised by Egeria Capital Management B.V. for an undisclosed consideration. The management team, which includes the Co-CEOs Marcel Hoffmann and Christian Seidel, will reinvest alongside Egeria to drive the growth of Meyer Menü over the upcoming years. PwC M&A conducted a structured, international sales process and was supported by PwC Legal which acted as legal advisor to the vendors. The share purchase agreement was signed in March 2024. The transaction was closed in May 2024.

Meyer Menü

Founded in 1963, Meyer Menü is one of the market-leading providers of meals on wheels lunch services in Germany, providing fresh, ready-to-eat menus to senior households, businesses, schools, and daycare facilities. Meyer Menü has expanded its geographic reach to six commercial kitchens and 20 distribution hubs across Germany. The company is characterized by a high level of vertical integration from meal production in its commercial kitchens to the delivery of meals through its in-house vehicle fleet and drivers.

Marcel Hoffmann and Christian Seidel, Co-CEOs of Meyer Menü, commented on the transaction: “We welcome Egeria as a new partner to the Meyer Menü family. Over the last 13 years, we have continuously developed Meyer Menü into the market leader for meals on wheels in Germany. We believe that Meyer Menü is ready for new growth initiatives and see Egeria as the ideal partner for this new phase.”

Egeria Capital Management B.V.

Established in 1997, Egeria is an independent investment company, active in Private Equity, Real Estate and Listed Investments with ~€3.5bn in AUM. Its Private Equity division operates out of Amsterdam and Munich and invests in healthy, medium-sized businesses in growing markets across the Netherlands, the DACH region and the USA, with enterprise values of up to €350 million. As a co-owner and active partner to entrepreneurs and management teams, the company aims at long-term value generation via organic growth and acquisitions. Overall, Egeria’s portfolio companies generate €3.0bn in annual turnover and employ ~12,500 people.

Hannes Rumer, Partner at Egeria, commented on the transaction: “We are very impressed by Meyer Menü’s historic development and excited to team up with Mr. Hoffmann and Mr. Seidel for the company’s next chapter. The management’s entrepreneurial spirit and Meyer Menü’s strong value proposition are the foundation for its high reputation among customers and its market leadership. We are honored that Mr. Meyer trusts us in continuing his family heritage and we look forward to contributing to the future success of the company.”

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 364,000 people in 151 countries. Our global network comprises over 2,900 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

PwC M&A Germany acted as exclusive financial advisor to the shareholders of Meyer Menü Beteiligungs-GmbH on this transaction. The transaction was led by Alexander von Friesen (Partner) and supported by Hannes Stötefalke (Senior Manager), Nils Kaufmann (Senior Associate), Julian Fischer (Senior Associate), Lucas Busch (Senior Associate) and Jean-Philippe Meibohm (Associate). The PwC Legal team was comprised of Ivo Dreckmann, Verena Riemer, Lars Spiller, Marc Philipp Finkbeiner, Julius Rodatz (Deals M&A), Dr. Tobias Nuß, Dr. Stefan Schlimm, Tobias Schrader (Real Estate and Property Law), Dr. Tobias von Tucher, Lukas Lundbeck, Dinor Kadrijaj (IP/IT Law).