Waterland Private Equity Partners with Condio in Functional Food Deal

Waterland Private Equity has entered into a strategic partnership with Condio GmbH, a prominent supplier of customized functional food ingredients based in Werder (Havel), Germany. The agreement, announced on April 13, 2026, aims to accelerate Condio’s growth trajectory and support its international expansion efforts. The transaction is expected to close in the second quarter of 2026, pending customary regulatory approvals.

While the purchase price remains undisclosed, the deal involves Waterland collaborating closely with Condio’s existing management team, including brothers Henrik and Jan Ingenpass, Christa Sudenfeld, and Adrian Stange. These key executives will continue to lead operations and maintain a significant reinvestment stake, ensuring continuity and alignment of interests.

Condio specializes in developing and producing functional stabilizer systems essential for maintaining the consistency, stability, and quality of modern food products. Its solutions are particularly relevant in high-growth segments such as high-protein, sugar-reduced, and plant-based foods. The company operates in over 50 countries, employs approximately 230 staff, and generates revenues exceeding €100 million.

The company’s competitive edge lies in its technological expertise, innovation-driven approach, and rapid implementation capabilities. Condio’s tailored stabilizer systems are designed to meet specific customer requirements, supporting applications across dairy, deli, plant-based, and vegan product categories. This focus on customization and natural raw materials aligns with growing consumer demand for clean label and sustainable food ingredients.

Waterland views Condio as an ideal platform to capitalize on the expanding European market for complex stabilizer systems, which is driven by trends toward functional and plant-based foods. The partnership aims to strengthen Condio’s market position in Europe, broaden its geographic footprint, and invest in additional production capacity and vertical integration. Furthermore, Waterland plans to explore selective acquisitions to complement Condio’s product portfolio and capture operational synergies.

Waterland brings extensive experience in the food sector, with prior investments including nutrition bar manufacturer EMPWR and industrial bakeries Onoré and Diversi Foods. A Waterland representative commented, “Condio combines technological excellence with exceptional speed and customer proximity. In a market increasingly defined by complex system solutions, we see significant potential for further growth.” The management team added, “With Waterland, we gain an experienced partner who shares our growth ambitions and supports us in our next stage of development. Together, we aim to expand our international presence and further scale our innovative strength, strengthening our competitive position in a market with rising demands for food quality.”

The deal reflects broader industry trends favoring innovation, customization, and sustainability in food ingredients. As competition intensifies, Condio’s enhanced capabilities and Waterland’s strategic support are expected to accelerate product development and market penetration. Key challenges include maintaining Condio’s innovation culture post-transaction and navigating regulatory approvals across multiple jurisdictions.

Looking ahead, the partnership is positioned to drive significant value creation through accelerated growth, expanded R&D, and operational efficiencies. The collaboration underscores Waterland’s commitment to investing in high-potential food technology companies and supporting their international scaling efforts.