Oktober 16, 2020


„We are happy to announce that we successfully advised the owners of Viennese premium natural food bakery chain Felzl GmbH on entering into a partnership with the new majority shareholder Cosmabell Holding, a family-run wholesaler and retailer with great heritage dating back as far as 1880.“

The Transaction

Felzl GmbH is a successful bakery, snack and café concept acting within the premium food sector, emphasising regional and sustainable supply chain solutions. It currently runs five stores in Vienna’s top downtown locations and also operates a fast growing B2B business. With Christina Ostermayer as the CEO and creative mind behind Felzl and Harald Parapatits as investor, the company has managed to establish a strong brand which is today synonymous with local and top-quality products.

Operating behind Cosmabell Holding is family Oelschlägel, who are known for a traditional Austrian beauty and cosmetics retail company. With Cosmabell they seek private investments to enter into new ventures and support sustainable businesses.

Georg Oelschlägel and Christina Ostermayer, both having their professional roots in Vienna, represent an ideal partnership to jointly expand the operations and fulfil Felzl’s future growth opportunities.

Trends in the Food Service Industry


The food service industry has been strongly impacted by the Covid-19 pandemic. Already, changes in consumer behaviour and preferences can be seen. The pandemic has accelerated the use of digital channels, but it has also changed eating habits and overall consumer lifestyles.

While working from home may negatively affect restaurant foot traffic, especially in office-heavy areas, it can also create new opportunities f.e. during April, May, and June 2020 delivery firms reported a 50 percent increase in breakfast orders and an 80 percent increase in lunch orders.

Global lockdowns have accelerated one pre-pandemic trend: staying-in is the new going-out. Takeaway food delivery giant Just Eat has posted a 44% jump in first half sales to over EUR 1b as a flurry of orders during the global lockdown periods boosted first half year trading.

One of the most consistent long-term food trends has been the increased visibility and consumer demand for sustainable and perceived-healthier food. Veganism and vegetarianism continue to gain importance with healthy options on the menu being a deciding factor for many restaurant goers or customers for food delivery.

While dark kitchens pop up all over Europe and VC funded start-ups open one kitchen after the other, food delivery companies like bolt and deliveroo also hop on the trend and start to operate their own kitchens, profiting from cost savings due to cheaper real estate.

Peer Group Analysis

Trading Multiples

EV/EBITDA (next twelve months)

EV/Sales (next twelve months)

  • Rapid recovery after the Covid-19 slump, as demand of delivery focused quick-service restaurant operators rose during lockdown situations. Same counts for online delivery companies.
  • These comparatively high valuations of around 12x-16x EBITDA show sustained, strong investor interest in the market

The international peer group contains publicly listed companies acting within restaurants, system catering and food delivery
Sources: Infront Analytics, McKinsey & Company, Euromonitor, QSR Magazin

Selected Recent Transactions


  • In the food service industry, M&A activity is extraordinarily high as private equity investors look for established brands, which can be rolled out at a fast pace.
  • This trend was especially fuelled in the first half year 2020 as COVID-19 pandemic forced many companies into administration after the lockdown regulation and put new opportunities on the market. 9 out of 14 transactions listed below included administration proceedings
  • Furthermore IT-based delivery platforms continue to consolidate and achieve extraordinarily high valuations

Want to know more?

If you would like to learn more about the valuations and deals of your industry, the transaction mentioned above or generally our way of working, we would certainly be happy to demonstrate our m&a PLUS® principle in a confidential meeting.
Just get in touch and we will share our experience on how to grow businesses with long-lasting partnerships.

With passion for M&A,
Your SAZUN Team