Veganz Group AG takes over assets of the insolvent Happy Cheeze GmbH

Ludwigsfelde, Germany, Nov. 2, 2023 - Veganz Group AG today acquired significant parts of the insolvent Happy Cheeze GmbH. Happy Cheeze is a specialist for vegan cheese alternatives and, with its products, the leading brand in the German organic food trade.

Happy Cheeze GmbH produces plant-based cheese alternatives with a product portfolio of 13 products at its approximately 1,000 m2 production site in Cuxhaven. The products are sold online, in organic specialty stores and international food retailers. In addition, plant-based cheese alternatives are produced as a white label for private labels. Veganz Group AG is expanding its product range, distribution channels and production capacities in the area of plant-based cheese alternatives as part of this asset deal.   

The distribution of the existing product range will initially be continued, both online and in retail. In parallel, the existing product portfolio will be reviewed for innovation, marketability and profitability, and the assortment will be developed according to the strategic goals of Veganz Group AG. Veganz and Happy Cheeze benefit from similar assortments in the area of cheese alternatives, but exist in different distribution channels.

"The inclusion of the Happy Cheeze in Veganz Group AG accelerates the implementation of our strategy to establish ourselves as a producer and expert for high-quality vegan cheese specialties in Europe. With the broad joint range, existing and new customers in the category will directly benefit from our performance expertise."  Says Jan Bredack CEO of Veganz.

Happy Cheeze GmbH had fallen into insolvency as a result of consumer price sensitivity. On Aug. 29, 2023, Dr. Moritz Sponagel of the law firm Dr. Sponagel Rechtsanwälte, which specializes in insolvency and reorganization, had been appointed provisional insolvency administrator.

After the opening of insolvency proceedings on 2.11.2023, the insolvency administrator of Happy Cheeze GmbH, attorney Dr. Moritz Sponagel, reported the successful completion of a transferring reorganization. As of Nov. 2, 2023, he has signed a purchase and transfer agreement with the industry-experienced management board of Veganz AG.

In German food retail, the market volume for self-service soft cheese YTD through week 01/10/23 is €66.3 million with market growth YTD of 12.5%.¹

1: Nielsen Connect Express Veggy Total

About Veganz Group AG

Veganz (veganz.de) – Good for you, better for everyone – is a brand and producer of plant-based food. Founded in 2011 in Berlin, Veganz became known as a European vegan supermarket chain. With a colourful and life-affirming corporate philosophy, Veganz succeeded in breaking up the vegan niche and establishing the plant-based food trend on the market. The current product portfolio includes products from breakfast to dinner, which are widely available in the DACH region. The Veganz range is continuously optimised with high-quality, innovative items and the sustainable value chain is constantly improved. As a transparent brand, Veganz is B Corp certified, compares the environmental balance of all its own products with all food products in the German-speaking region and regularly sets new benchmarks for a sustainable food industry.