Pandriks - Squarefield

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Squarefield acted as exclusive financial advisor to Pandriks on the sale to Bridor, a subsidiary of Le Duff Group

On April 15, 2024, the shareholders of Pandriks (or the “Company”) entered into a definitive agreement to sell the Company to Bridor, a subsidiary of restaurant and bakery group Le Duff Group (“Le Duff”). Under Bridor, a bakery company, Pandriks will independently continue its growth track record with both its brand and values being preserved.

Pandriks, a producer of unique artisanal bakery products founded in 2012, offers organic and 100% natural sourdough bread under private label (in-store bake-off and home bake-off) and through its own brand SlooOW (home bake-off). The state-of-the-art production facilities in Meppel (the Netherlands) and Bio Breadness in Fulda (Germany), allow Pandriks to supply the main European retail chains as well as overseas clients. Together with Bridor, Pandriks aims to further accelerate its growth in both existing and new markets.

With the acquisition of Pandriks, Bridor builds on the strategy of Le Duff. The integration of Pandriks will expand Le Duff’s production capacity and bolster its product portfolio, particularly in the organic bakery market. It will also strengthen Le Duff’s foothold in North-West Europe and bring on board a talented team of professionals who share a common vision of learning and passing on know-how.

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


Pandriks is dedicated to ensuring its customers and consumers delight in the finest sourdough bread, crafted according to the old baking principles using state-of-the-art technology in the most sustainable way possible. Since its establishment, Pandriks has grown to become a leading 100% natural and organic bakery with facilities in both the Netherlands and Germany where it is known as Bio Breadness. Through its unique, artisanal and efficient baking process, it produces buns, batards and baguettes. Its extensive range of stone-oven baked bread is sold frozen for in-store bake-off, as well as in MAP format, to leading retailers globally. In 2023, Pandriks generated sales of EUR 150m and had 400 employees.

“We are excited about the opportunities that lie ahead as we embark on this new chapter with Bridor. Pandriks has grown significantly in recent years and wants to invest in further expansion to optimally serve our clients. With Le Duff as our new shareholder, we believe that it is possible to achieve our goals while preserving our unique identity, philosophy and strategy.”

“We are grateful for Squarefield’s long-term support and the expertise and guidance throughout this transaction. Their strategic insight and relentless effort were pivotal in ensuring a smooth and successful transaction. Their in-depth knowledge of the bakery industry added an extra layer of confidence and assurance.”

Peter van den Berg – Chief Executive Officer Pandriks


Bridor was founded in 1988 by Louis Le Duff. The bakery company is situated in Rennes, France, and develops and supplies premium breads and Viennese pastries from multiple production sites worldwide. In 2023, Bridor generated sales of EUR 1.3b, and had 4,000 employees with presence in 100 countries.

“The acquisition of Pandriks is consistent with Bridor’s strategy. It gives us the opportunity to take a leading position on key markets such as the Netherlands and Germany. This acquisition will also strengthen our teams with the highly experienced, qualified and motivated people from Pandriks joining Bridor. Pandriks will bring to life the Bridor purpose: “Share the bakery cultures of the world.”

Philippe Morin – Chief Executive Officer Bridor

Le Duff Group

Le Duff Group is a leader in bakery, pastry and catering founded in 1976 by Louis Le Duff, with presence in more than 100 countries globally. The Group owes its success to multiple restaurant chains (Brioche Dorée, Del Arte, Fournil de Pierre, La Madeleine, Kamps etc.), as well as to Bridor, which makes premium quality bakery and Viennese pastry for some of the world’s most prestigious restaurant and hotel chains; and Gourming (Cité Gourmande and Frial), which makes vegetables and ready meals with respect for local ingredients. Le Duff Group generates sales exceeding EUR 2.5b annually, with 18 production sites and over 19,000 employees globally.