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Exclusive Financial Advisor to KADI’s management in connection with the acquisition by Invision
On September 1, 2026, the IDAK Food Group (IDAK) and Invision AG (Invision) announced a transaction. Invision is acquiring a majority stake in KADI, the leading Swiss manufacturer of premium frozen foods, particularly French fries, potato specialties, and snacks. LGT Capital Partners and SAGA Private Equity, as well as KADI’s management team led by CEO Yvonne Richard, are participating as co-investors. IDAK will focus on the production of high-quality baked goods in the future. The transition from KADI to Invision will be led by KADI’s existing management team, with Christof Lehmann, former Group CEO of IDAK, assuming the role of Chairman of the Board of Directors at KADI in addition to his role on the IDAK Board of Directors.
Christof Lehmann, Board Member of IDAK and Chairman of the Board of Directors of KADI: “I am pleased to accompany KADI through its next phase of development and to contribute my experience. IFBC provided expert guidance to KADI’s management as an independent M&A advisor during this corporate transaction.”
Earlier this year, IDAK acquired the Toulouse (FR)-based Onoré Group. This significantly expanded the Bakery & Patisserie business segment within the IDAK Food Group, which specializes in premium frozen foods. IDAK has now decided to focus its strategy exclusively on the production of high-quality baked goods, comprising the two complementary categories of Bakery & Pastry and Pizza & Pizza Snacks. The separation, effective September 1, 2026, from Langenthal-based KADI AG – a manufacturer of potato and snack products – will significantly enable both companies to pursue their respective growth strategies with greater focus.
IFBC advised KADI’s management as the exclusive Financial Advisor during the reinvestment. In particular, IFBC supported the management with the necessary analyses, in structuring the reinvestment, and in the negotiations with Invision.
KADI AG manufactures refrigerated and frozen products and is headquartered in Langenthal. It is a proven specialist in French fries and spring rolls. The company produces approximately 270 products, which are used daily in over 12,000 restaurants across Switzerland. KADI maintains its position as an independent company in the food industry thanks to its strong innovative capabilities and high product quality. For 30 years, KADI has organized “Goldener Koch,” Switzerland’s most prestigious cooking competition. The company was founded in 1951 as a potato flake factory. In 2025, KADI employed approximately 190 people and generated revenue of over 90 million CHF. For more information, visit www.kadi.ch (in German).
Founded in 2018, the IDAK Food Group is a pan-European company operating in the premium frozen food sector that has experienced strong growth since 2020, both organically and through acquisitions. Headquartered in Spreitenbach, Aargau, the company focuses on the production of high-quality baked goods, comprising the two complementary categories of Bakery & Patisserie and Pizza & Pizza Snacks. IDAK employs approximately 2,400 people and generates annual revenue of over 480 million CHF. IDAK’s portfolio includes Romers Hausbäckerei in Switzerland; Margherita, Gusto Sorrento, and ProPizza in Italy; the Onoré Group with Boncolac and Mag’M in France; and Cakesmiths and Proper Cornish in the United Kingdom. In total, high-quality frozen products are manufactured at 18 production facilities primarily for the retail and foodservice channels and distributed to over 50 countries. Since 2024, the group has been majority-owned by TowerBrook Capital Partners (TCP) and management. For more information, visit www.idak.ch.
Since its founding in 1997, Invision has developed into one of the leading private equity firms in the mid-market segment, focusing on companies in the DACH region and the Benelux countries. Invision has invested over one billion euros in more than 80 companies and is committed to sustainable growth driven by international expansion, the introduction of new products and services, the digitization of business processes, and targeted add-on acquisitions. Invision sees itself as an entrepreneurial partner for founders and management teams. In its investment activities, Invision places particular emphasis on understanding the individual needs of entrepreneurs and developing tailored solutions to best meet those needs. For more information, visit www.invision.ch.
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