Invision buys back Kadi as IDAK bets on baked goods
What's the deal? Switzerland's IDAK Food GroupDealroom has a profile for this one. Try Dealroom → is selling potato products and snacks maker KadiDealroom has a profile for this one. Try Dealroom → to local private-equity firm Invision. The Zug-based investor will hold a majority stake, while Kadi's management retains a minority holding.
What each side does: Langenthal-based Kadi makes chilled and frozen products, employing around 190 people and generating turnover of more than SFr90m ($110.5m) in 2025. IDAK Food Group employs about 2,400 people, runs annual turnover above SFr480m, and manufactures frozen food at 18 sites for customers in more than 50 countries.
Why now? IDAK is reshaping its portfolio to focus exclusively on baked goods. The move follows its January acquisition of OnoréDealroom has a profile for this one. Try Dealroom →, a Toulouse-based supplier of bakery products, pastries, desserts, and Cornish pasties across Europe.
What's the endgame? The split will "play a 'key role in enabling both companies to pursue their respective growth strategies with sharper focus'", the group said.
Alexandre Vigneron, the chief executive officer who joined IDAK through the Onoré deal, said the concentration on baked goods lets the group "target our investments more effectively, strengthening our competitive position and accelerating our international growth".
A familiar owner: Kadi was the core asset behind the strategy that created today's IDAK. Invision and Nord HoldingDealroom has a profile for this one. Try Dealroom → acquired a majority stake in the business in 2018, then used Kadi as a platform to build IDAK into a pan-European frozen-food group. The two firms exited in 2024, selling their majority stake to TowerBrook Capital PartnersDealroom has a profile for this one. Try Dealroom →.
What changes: Kadi will keep its existing management team under Invision's ownership. Christof Lehmann, the former IDAK chief executive officer, will become chairman of Kadi's board while remaining on the IDAK board.
The signal: The deal marks a return to specialisation after years of consolidation. Having built a diversified frozen-food group around Kadi, its owners are now unbundling it — Invision takes back the potato and snacks business, while IDAK narrows to bakery under a new French-led leadership.
Image credit: Generated with Gemini
