Investment Thesis

• Develop a chain of high quality fresh bakeries
• Build on the increasing public focus on quality food products
• Professionalize the fresh bakery industry
• Take the concept international

Main transformation Initiatives

• Set up head office functions by establishing commercial management group including founders of acquired 
  bakeries  
• Develop infrastructure, back office, chain concept and strategy for growth
• Map best practices of each existing bakery to improve operations and increase margins through the group
• Secure growth through an acceleration rate of new bakery openings