Product innovations and internationalisation
€89.7mn
EQUITY INVESTMENT
€496MN
REVENUES 2018
3,250
EMPLOYEES 2018

KEY FACTS AT A GLANCE

  • Buy-and-build concept: Establishment of one of Europe’s leading platforms for chilled ready meals and snacks, by making further acquisitions
  • Initial focus: Operational improvements and internationalisation
  • Oscar Mayer with significant increase in revenues; Abbelen revenues slightly below previous year’s level

MORE THAN MEALS EUROPE S.À R.L.

Investment by
DBAG FUND VII

€89.7MN

DBAG'S INTEREST

€16.5MN

MANAGEMENT BUYOUT
Shareholders:
DBAG FUND VII

89.7%

EQUITY SHARE BELONGING TO DBAG

16.5%

other shareholders

10.3%

First invested

APRIL 2017

REVENUES in €mn

 

481

 

2017

 

496

 

2018

As of 30 June 2019

>3

MILLION

chilled ready meals and snacks are produced by Oscar Mayer alone every week

In a market characterised by consistently rapid growth and subject to virtually no cyclical fluctuations, we are creating the first European champion for chilled ready meals and snacks.

KAI WIESENBACH
MANAGING DIRECTOR

PROFILE

Two companies, which will continue to be managed independently at the beginning, operate under the umbrella of the More than Meals management holding company. Abbelen is a leading German manufacturer that is responsible for producing more than half of all rissoles and ready-made hamburgers for the own-brand ranges of major supermarket and discount chains in Germany and its neighbouring countries. The company runs a state-of-the-art factory employing around 600 people in Tönisvorst (North Rhine-Westphalia).

Oscar Mayer is the market-leading manufacturer of chilled ready meals in the United Kingdom, which is by far the biggest and most innovative market for these products in Europe. The company has four sites in England and Wales. With around 2,650 employees, it produces more than three million chilled ready meals and snacks a week for the own-brand ranges of leading retailers and discount stores.

POTENTIAL FOR DEVELOPMENT

The companies that belong to the More than Meals group plan to expand the range of innovative products they offer and to make their activities, which are currently focused largely on the individual domestic markets, more international. The focus will also be on operational improvements, for example, by automating production processes. The More than Meals platform should be complemented through the acquisition of further companies with a leading position in their national markets and whose products can also be marketed in more than one country.

FINANCIAL YEAR 2018

Abbelen’s revenues are expected to be lower than originally planned and slightly lower than in the previous year. The development of new products was delayed and thus not yet contributed to revenues, contrary to expectations. Earnings are expected to reach the previous year’s level.

Oscar Mayer’s revenues in the 2018/2019 (31 March) financial year once again are expected to significantly exceed the previous year’s figure. In an accommodating market environment, the company was able to further expand business with its most important customers. Due to this, Oscar Mayer also expects its earnings to increase compared to the previous year.

OUTLOOK AND OBJECTIVES

Over the coming financial year, Abbelen and Oscar Mayer will be pushing ahead with optimising their operational processes. More efficient production should lead to a decrease in costs and create additional capacities as the basis for further growth. In view of the sustained growth in business with important existing and new customers, Oscar Mayer forecasts a significant increase in revenues and earnings for the 2019/2020 financial year. Revenues and earnings at Abbelen are also expected to rise in the coming year.

Responsible team member

Kai Wiesenbach
Kai Wiesenbach

Managing Director

Kai Wiesenbach
Name:
Kai Wiesenbach
Telephone:
+49 69 95787-238
E-Mail:

Kai Wiesenbach

Managing Director

Kai Wiesenbach joined Deutsche Beteiligungs AG in 2004 and became a Managing Director in 2010.

He holds a degree in Business Administration from the Goethe University, Frankfurt.

Kai Wiesenbach can look back on 14 years of experience in private equity. During that time, he gained extensive expertise, particularly in mechanical and plant engineering and the automotive supplier sector. He was involved in numerous acquisitions and realisations, including Coperion, Heim & Haus and Lewa. He led the investment process in Formel D and More than Meals and sits on the advisory council of More than Meals.

Current portfolio companies

More than Meals Europe S.à r.l.

Former portfolio companies

Kai Wiesenbach

Managing Director

+49 69 95787-238
kai.wiesenbach(at)dbag.de