Gudrun Group
Squarefield acted as exclusive financial advisor to Down 2 Earth Capital on the sale of Gudrun Group to Natra
On September 25, 2024, our client Down 2 Earth Capital entered into an agreement to sell its portfolio company Gudrun Group to Natra, a portfolio company of CapVest. Becoming part of the Natra platform, Gudrun Group will join Natra’s consumer division and offer an extension towards the premium market.
Gudrun Group has consistently positioned itself as a highly innovative company, driving growth by meeting the ever-changing demands of customers worldwide. Together with Natra, Gudrun Group aims to further accelerate its growth in both existing and new markets. Both companies are customer-centric organisations that seek to deliver high quality products on the back of their R&D capabilities.
By partnering up, Natra will leverage its global reach and operational know-how while Gudrun Group brings on-trend innovation and a premium Belgian offering of pralines and chocolate truffles. Both companies will benefit from the realisation of commercial and operational synergies, paving the way for further joint successes.
The envisaged transaction is subject to closing conditions.
Gudrun Group
Gudrun Group is a developer and manufacturer of artisanal pralines and chocolate truffles on an industrial scale. Gudrun Group serves high-end retailers in overseas markets with a premium and personalised private label offering. A key strength of Gudrun Group is its relentless focus on innovation and ability to offer tailor-made product-packaging solutions, allowing it to effectively cater to rapidly changing customer needs. Gudrun Group is recognised for its leadership in ESG practices, positioning itself as a frontrunner in sustainability within the industry. Gudrun Group was founded in 1942 and is headquartered in Lier, Belgium, where its production facility is located and operates supporting co-packing activities in Poznan, Poland.
Sofie De Lathouwer – CEO Gudrun Group“This collaboration has likely been anything but typical, as it wasn’t just between Squarefield, the CEO, and the CFO. We successfully involved the entire management team, working closely together. This approach fostered a great deal of mutual trust and respect. It truly felt like we were one company, one unified squad with Squarefield — and that’s one of the core ingredients of Gudrun’s recipe for success!”
Natra
Natra, headquartered in Madrid, Spain, is a vertically integrated private label and co-manufacturing platform for chocolate products, operating as a portfolio company of CapVest, a UK-based private equity investor. With a global operational footprint of 6 production facilities across Europe and North America, Natra specialises in the manufacturing of cocoa-based ingredients and a broad range of chocolate consumer products, including chocolate bars, pralines, tablets and spreads, which it supplies to major retailers and (branded) food companies in more than 90 countries worldwide. Natra’s dedication to innovation and sustainability is reflected in its comprehensive approach to production, ensuring high quality standards.
Down 2 Earth Capital
Down 2 Earth Capital is a sector-agnostic investment fund specialising in SMEs with headquarters in Belgium. The fund focuses on family succession, management buy-outs, growth financing, and international expansion, investing through both majority and minority shareholdings. Emphasising close collaboration, transparency, and active involvement, Down 2 Earth Capital supports businesses in professionalising and scaling their operations while maintaining a pragmatic and realistic approach to investment and growth.