PPLAW Advises FSN on the Merger of Der Bäcker Eifler and BrotWert

Munich — The two long-estab­­lished bake­ries, Bäcker Görtz GmbH and Bäcke­rei Pappert, are merging to form the Brot­Wert Group. With the support of the private equity fund FSN Capi­tal VI—advised by FSN Capital—the Brot­Wert Group has acqui­red a majo­rity stake in the long-estab­­lished Frank­furt bakery Der Bäcker Eifler. This crea­tes a network of three family-run, long-estab­­lished bakeries—Bäcker Görtz, Bäcke­rei Pappert, and Der Bäcker Eifler—with appro­xi­m­ately 500 loca­ti­ons in Nort­hern Bava­ria as well as in the Rhine-Main and Rhine-Neckar regions—one of the largest regio­nal bakery groups in Germany. 

As early as 2025, Bäcker Görtz—which was also recei­ving tax advice from POELLATH—had acqui­red the Pappert Bakery.

The goal of the Brot­Wert Group is to combine the shared strengths of the three long-estab­­lished bake­ries, exch­ange expe­ri­ence and know­ledge, and conti­nue to grow with the support of FSN. At the same time, the group aims to preserve the regio­nal roots, artis­a­nal skills, and family tradi­ti­ons of the indi­vi­dual bake­ries for the long term. 

The Eifler Bakery, based in Frank­furt am Main, is one of the leading regio­nal bake­ries in the Rhine-Main area. The Eifler family will retain a stake in the company going forward; Gerhard Eifler and Michael Eifler will conti­nue to manage it. 

FSN Capi­tal, one of Nort­hern Europe’s leading private equity firms, was foun­ded in 1999 and has four offices in Oslo, Stock­holm, Copen­ha­gen, and Munich. The four funds advi­sed by FSN Capi­tal have more than four billion euros under manage­ment; for its most recent Fund VI, 1.8 billion euros were raised for invest­ments in Scan­di­na­via and the DACH region. The funds make majo­rity invest­ments in growth-orien­­ted compa­nies to support them on their path to contin­ued success. 

In connec­tion with the acqui­si­tion of a majo­rity stake in Der Bäcker Eifler and the forma­tion of the Brot­Wert Group, POELLATH provi­ded tax advi­sory services in colla­bo­ra­tion with the follo­wing Munich-based team:

Dr. Nico Fischer (Part­ner, Tax)
Dr. Saskia Bardens (Senior Asso­ciate, Tax)

About POELLATH

POELLATH is a leading, inter­na­tio­nally networked busi­ness and tax law firm with over 180 legal and tax profes­sio­nals in Berlin, Frank­furt, and Munich. We are commit­ted to provi­ding excel­lent advice on tran­sac­tions and asset management—covering both legal and tax matters under one roof. Our specia­li­zed prac­tice groups don’t just know the law—together with our clients, we shape best prac­ti­ces in the market. —- www.pplaw.