Silver Investment Partners has taken a 75% stake shareholding in elmi. The former sole owner, Reinhold Siegers, has retained an equity stake of around 25% in the business and will continue to lead the company as general manager.
The investment is designed to facilitates management succession and in conjunction with the transaction, Helmut Klemme, head of the Association of large German Bakeries, will join the advisory board, supporting elmi in implementing its future growth strategy with his experience and market knowledge.
The company intends to open at least six new outlets every year and to expand both the quantity and quality of its product range.
elmi is the largest bakery chain in Erfurt and one of the market leaders in Thüringen and Sachsen, Germany.
Established in the early 1950s through the merger of numerous smaller companies, the business offers an extensive range of high quality bakery and confectionery products as well as snacks, coffee and seasonal products such as ice cream and Christmas stollen. It is run on a franchise model with most outlets located in shopping streets or pedestrian precincts with high footfall. In addition, elmi has some outlets adjoined to supermarkets.
elmi currently has annual sales of more than €15m.