POELLATH advises Elbfrost management on sale to NPM Capital
Belgian private equity investment firm Bencis Capital Partners (“Bencis”) has sold its stake in Elbfrost Group (“Elbfrost”), a leading specialty frozen foods wholesaler, to Dutch investment firm NPM Capital. Since acquiring Elbfrost in May 2022, Bencis has driven Elbfrost’s expansion with a growth-oriented management team and extensive industry expertise, laying the foundation for further growth. The transaction is subject to the standard regulatory approvals and is expected to close in the third quarter of 2025.
Based in Marl (North Rhine-Westphalia), Elbfrost has become a regional market leader for frozen foods and dry goods since its foundation in 1990. The company offers 1,400 primarily frozen foods in the product groups meat, fish, poultry, game, fruits, vegetables, vegetarian foods, and potato products and baked goods, supplemented by an extensive range of convenience products. The company’s customer base includes universities, schools, catering companies, company canteens, and government agencies, as well as companies in the catering industry, such as hospitals and nursing homes.
Bencis Capital Partners has invested in strong and successful companies in the Netherlands, Belgium, and Germany for over 20 years. Its focus includes industry and manufacturing, food and beverages, business and consumer services, healthcare and leisure, and wholesale and retail.
NPM Capital primarily invests in Benelux countries and, since the beginning of this year, also in companies in German-speaking countries. Its current portfolio comprises 24 investments, both majority and minority stakes, in sectors such as sustainable future, digital & technology, feeding the world, and healthy life & learning. With the acquisition of Elbfrost, NPM realizes its first platform acquisition in the DACH region.
POELLATH advised the management of Elbfrost on the legal and tax aspects of the sale regarding the management participation with the following Munich-based team:
- Dr. Barbara Koch-Schulte (partner, management participation, M&A/PE, tax)
- Dr. Michael de Toma (senior associate, management participation, M&A/PE, tax)
