Private equity firm Swander Pace Capital has acquired Bäckerhaus Veit, a Canadian producer of buns and soft pretzel products.

Financial details of the acquisition have not been disclosed by both companies.

Established in 1987 by Sabine Veit, Bäckerhaus Veit offers artisan, European-style breads, rolls, and buns to top-tier retail and foodservice customers across North America.

Swander Pace Capital managing director Heather Smith Thorne said: “Bäckerhaus Veit has built a tremendous business by staying true to the foundations of traditional artisan bread making.

“The company has built enduring relationships with its customers and suppliers, and it is able to recreate high-quality products derived from old-world recipes, allowing it great success in today’s modern marketplace.

“This achievement is a testament to the leadership of Sabine and her talented team, as well as the technological advantages afforded by a newly built, best-in-class baking facility.”

Bäckerhaus Veit will join Swander Pace Capital’s growing portfolio that includes Voortman cookies and Pineridge Bakery.

Pineridge Bakery was sold to Aryzta in 2014.

Swander Pace noted that Veit will continue to be involved with the company and will be an active board member.

A Veit spokesperson said: “Swander Pace is the ideal partner to help us achieve our next phase of growth. They have a vast understanding and deep experience in this space, not to mention a long history of giving companies the advice and backing they need to succeed.

“I am looking forward to working with the Swander Pace team to continue to build strong partnerships, grow awareness of our products and capabilities, and expand our distribution footprint across North America.”

Duff & Phelps Securities Canada acted as exclusive advisor to Bäckerhaus Veit for the transaction.