Natsu Foods - Squarefield

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Natsu Foods

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Squarefield acted as financial advisor to Natsu Foods on the sale of Qizini to the Borgesius family and Nordian

In May 2024, Natsu Foods, the parent company of Qizini (or the “Company”), entered into a definitive agreement to sell Qizini to the Borgesius family and Nordian Capital Partners (“Nordian”). With this transaction, and the subsequent merger of Qizini with Goedhart Convenience, previously part of the Goedhart & Borgesius Groep, the Borgesius family and Nordian join forces to create a leading convenience food player in the Benelux region.

Qizini, a producer of fresh and frozen convenience foods (e.g. sandwiches, wraps, hot snacks), offers innovative food concepts to retail, airline catering, and food service segments in Western Europe. The Company has production facilities in Alphen aan den Rijn and Losser, the Netherlands. The merger with Goedhart Convenience, a producer of similar convenience foods for retail, petrol stations, and food service customers, creates a market leading convenience food player in the Benelux region. The combination of the two businesses allows the newly formed group to capitalise on themes such as automation and sustainability, lead in product innovation and product freshness, and expand the product assortment, enhancing the customer experience. Together, the group will generate c. 145 million euros in revenue and employ c. 350 FTEs across three production facilities in the Netherlands (Leeuwarden, Alphen aan de Rijn, and Losser).

The sale of Qizini was overseen by Squarefield, a leading Food & Agri focused corporate finance advisor with offices in Amsterdam, Frankfurt, and Antwerp.

Natsu Foods

Natsu Foods is a Germany-based producer of ultra-fresh convenience foods such as sushi, salads, hot meals, sandwiches, and wraps for the European market in both branded and private label format.


Qizini is a market leader in fresh and frozen convenience food concepts such as premium sandwiches, wraps, and paninis for retail, airline catering and food service segments in Western Europe, with a predominant presence in the Benelux region. The Company operates two production facilities in Alphen aan de Rijn and Losser, the Netherlands, and employs c. 250 FTEs. The Company was previously owned by Natsu Foods Holding GmbH & Co.


Borgesius is a family business that produces bakery products since 1895. Borgesius operates 19 bakeries with c. 2,000 FTEs and supplies major supermarket chains, including Albert Heijn and Delhaize, in the Netherlands and Belgium.


Nordian is an independent Dutch investment company focused on increasing and accelerating the growth of companies in various sectors. Since its foundation in 2014, Nordian has contributed to more than 30 companies as an entrepreneurial and committed investment partner.