Pava Partners has advised the shareholders of Goldeck Süßwaren GmbH (Goldeck), manufacturer of the cult brand Zetti, on the sale of their shares to WMS Wachstumsfonds Mittelstand Sachsen (WMS). The sale is intended to strengthen Goldeck’s further growth. As part of the transaction, operational responsibility will be transferred to younger hands.

With this transaction, the Frankfurt-based investment company VR Equitypartner (VREP) has sold its minority stake in Goldeck. It will remain involved in the company via mezzanine financing as part of the acquisition financing. The previous co-shareholders Wolfgang Sablotny, Gerd Schmidt, and Rolf-Christian Stratz also continue to hold shares.

The roots of Goldeck go back to 1821. Since then, the traditional Leipzig-based company has continuously developed through various stages. VREP acquired a stake in Goldeck in 2011 as part of an owner buy-out. Since then, Goldeck has invested in employees and machinery with the support of VREP, switched to more flexible production and modernized its brand management and design. Operations, including production, warehousing, logistics and purchasing, are now carried out by around 100 employees in the company’s own factory in Zeitz near Leipzig. Goldeck products are marketed under the Zetti brand. The best-known products include Zetti Knusperflocken and Zetti Bambina, which enjoy cult status in some regions.

“We have achieved a lot in the more than twelve years we have been growing together,” says Christian Futterlieb, Managing Director of VREP. “Goldeck now has clearly defined structures and processes. Together with the management, we have implemented a good succession solution and created the conditions for successful growth.”

Harald Rehberg, Managing Director at WMS, continues: “The aim of WMS is to support successful medium-sized companies in Saxony in their further growth. Goldeck is an excellent fit here. We believe in their success story and will do our very best to support them in partnership with our network.”

“We want to continue to grow and can now do so – thanks to Pava Partners, now with WMS at our side. Thanks to the entire Pava team for their full commitment to our long-established company,” adds Rolf-Christian Stratz, shareholder and managing director at Goldeck.

The parties have agreed not to disclose the contractual details of the transaction.


About VR Equitypartner

VR Equitypartner is one of the leading equity financiers in Germany, Austria and Switzerland. With decades of experience, the company supports medium-sized family businesses in finding strategic solutions to complex financing issues. Investment opportunities include growth financing and expansion financing, company successions or changes in shareholders. VR Equitypartner offers majority and minority shareholdings as well as mezzanine financing. As a subsidiary of DZ BANK, the central institution of the cooperative banks in Germany, VR Equitypartner consistently puts the sustainability of corporate development ahead of short-term exit thinking. VR Equitypartner’s portfolio currently comprises around 60 commitments with an investment volume of EUR 400 million.

Further information can be found at .

About Goldeck Süßwaren

Goldeck Süßwaren GmbH is an established manufacturer of chocolate products. Headquartered in Leipzig and with a production facility in Zeitz, the company can look back on a long tradition of producing confectionery since 1821. In the food retail trade, the products are sold under the “Zetti” brand, which is particularly well known in the former East Germany, but is also becoming increasingly popular with West German consumers. The product portfolio consists of chocolate snacks/bars. The two best-known products are “Zetti Knusperflocken” and “Zetti Bambina”.

Further information can be found at


About WMS

The WMS Wachstumsfonds Mittelstand Sachsen is an initiative of the Free State of Saxony and regional credit institutions and has supported over 50 Saxon companies in implementing their growth strategies since 2005. In early 2020, the WMS entered its third generation of funds. In addition to the savings banks, the investors now include Sächsische Aufbaubank, Bürgschaftsbank Sachsen and Mittelständische Beteiligungsgesellschaft Sachsen. The fund will invest a further M€ 85 in Saxony’s SMEs in the coming years.

Further information can be found at

Goldeck Süßwaren

a portfolio company of VREP

Sale to WMS

M&A Advisor for Goldeck