DGF

Who owns DGF?

DGF was owned by Capza through CAPZA 5 Flex Equity (2020 vintage) from 2014 to 2019, exited via Secondary.

Hand-verified · updated 2026-04-21

About DGF

DGF is a French distributor of ingredients and equipment for bakery, pastry, chocolate and ice-cream professionals, founded in 1986. It supplies more than 10,000 artisan bakers, pastry chefs and foodservice operators through a nationwide network of around two dozen distribution centres, offering roughly 1,500 products across a set of private-label and exclusive brands, and it also runs a dedicated pastry school for professional clients. The group is one of the leading players in the French market for raw-materials and convenience-product distribution to artisan bakery-pastry trades, and a recognised exporter, shipping to 75 to 80 countries. By its 2019 disclosures the business generated close to EUR 350 million in revenue under its brand and employed on the order of 550 people.

Ownership journey

DGF was founded in France in 1986 and built a national footprint in the distribution of bakery and pastry ingredients before passing through a succession of leveraged ownership structures. In a 2014 secondary buyout the company was backed by CAPZA 5 Flex Equity, the flexible-equity strategy run by Capza, which supported the transaction alongside management. Capza exited its position in 2019 via a secondary transaction, and, in line with this site's coverage rules, the party that acquired the stake at that point is not named here. The timeline anchored on Capza therefore runs from a 2014 entry to a 2019 secondary exit.

Under PE ownership

During the 2014 to 2019 holding period DGF scaled materially, with revenue reported at roughly EUR 200 million around the start of the investment and approaching EUR 350 million under its brand by 2019. The company expanded its physical footprint to around two dozen distribution centres across France and invested in a new headquarters and logistics platform to support higher volumes. In 2019 it raised EUR 8 million of fresh equity earmarked for an accelerated development plan, funding new distribution sites and potential bolt-on acquisitions. Over the same span it deepened its export reach to some 75 to 80 countries, reinforcing its position as one of the sector's leading French distributors and a notable exporter.