With a yearly turnover of about €170 billion (2014), the food industry belongs to the four most important industries in Germany. But consumers’ price sensitivity and buying reticence in certain subsegments have put considerable pressure on many medium-sized producers and the strongly concentrated food retailers. Thus, the success of retail brands remains unbroken. In order to continually boost sales, the industry attracts consumers with innovations and new trends. The German food industry is not anymore just focusing these activities domestically, but is increasingly looking abroad towards less price-sensitive markets. Further changes taking place in the industry are a result of M&A’s with the goal of realising rationalisation and synergy effects.

With our expertise in the food industry  – covering production as well as retail and wholesale – we help you in increasing the value of companies, quickly conduct solid commercial due diligence assessments and provide expert assistance in preparing portfolio decisions. The detailed analyses we provide cover aspects such as the market, competition, brand management, category management, zones of attraction, micro-geographic consumer data and supply chain management. They identify cost reduction measures as well as opportunities for increasing efficiency, among other things. And our expertise is not limited to Germany. We also screen interesting markets abroad for possible acquisitions for our clients.

Selection of our projects:

  • Frozen/chilled food
  • Sausage casings
  • Brand sausages
  • Meat and fish processors
  • Pet food
  • Coffee
  • Cerealia, premium and custom muesli
  • Convenience food
  • Potato products
  • Cheese and other dairy products
  • Instant coffee
  • Chocolate
  • Confectionary
  • Wine
  • Non-alcoholic beverages
  • System gastronomy

Case studies - Food

Status quo Medium-sized manufacturer of fried, filled and processed frozen food products with a wide range of offers (fish, cheese, vegetables, baked goods) 
Task Commercial Due Diligence
maconda contribution
  • Evaluating growth opportunities for frozen foods in a slow-growth market due to consumer-side limitations in view of refrigeration and freezing capacities as well as rising material costs
  • Assessment of further growth possibilities beyond the already broad customer base and estimation of existing sales potential while considering possible conflicts with existing customers
  • Evaluation of innovative ability by analysing negotiations with customers on product innovations
Status quo Private label manufacturer of muesli and cereal bars with high capacities finds itself in a difficult market environment
Task Identification and evaluation of strategic guidelines
maconda contribution
  • Analysis and evaluation of various strategic options while allowing for existing restrictions; development of essential requirements and specific measures in addition to estimating likely sales potentials for the various strategy modules over time
  • Evaluation of possibilities for developing own brand based on market segmentation (price segment, sales volume, product concepts etc.) and corresponding brand positioning
  • Market and competition screening for intriguing foreign markets; creation of detailed profiles as well as establishing pros and cons with a follow-up recommendation for market entry
  • Development and establishment of scoring models for evaluating select foreign markets and the various strategy modules using decisive criteria such as market volume, competitive environment, sales channels, sales and earnings potential, complexity, costs, time line, risks etc.
Status quo Private equity house considers investment in a manufacturer of premium dog and cat food
Task Commercial due diligence with comprehensive analysis of a highly opaque niche market
maconda contribution
  • Analysis of the market for pet food and segmentation with a view to premium wet food for dogs and cats
  • Detailed analysis of the competitive environment and assessment of the strategic positioning of the target company compared to the direct competition
  • Over 40 exploratory market interviews with associations, manufacturers, retailers and veterinarians as well as trade fair visits in order to place the target company within the market and the competitive environment
  • Creation of a bottom-up market model based on aggregate sales of the relevant market participants
  • Estimation of the historical and future development of raw material prices via proxy indices and interviews on the procurement side in absence of price indices for so-called animal by-products
  • Simulation of a maconda stress test to illustrate the impact of hypothetical risks on top-line development and profitability within planning horizon
Strategy development - Commercial Due Diligence - Value enhancement - Restructuring - Turnaround Management