Waterland enters into strategic partnership with Condio and establishes a platform for functional food ingredients
The company develops stabiliser systems for high-protein, reduced-sugar and plant-based foods.
The European private equity firm Waterland Private Equity enters into a strategic partnership with the Condio Group, a leading provider of customized functional food ingredients. Together with the existing management team, Waterland aims to accelerate the company’s growth, drive international expansion, and position Condio as a powerful platform within a structurally growing market.
The current shareholders and managing directors, brothers Henrik and Jan Ingenpass, Christa Sudenfeld, and Adrian Stange, will remain active in operations and will retain a significant reinvestment stake as part of the transaction. The parties have agreed not to disclose the purchase price. Closing of the transaction is expected in the second quarter of 2026, subject to customary regulatory approvals.
Natural ingredients for high-demand food products
Condio develops and produces functional stabilizer systems that are critical to the consistency, stability, and quality of modern food products. These solutions are indispensable, particularly in high-growth segments such as high-protein, sugar-reduced, and plant-based products. The company is active in over 50 countries, employs approximately 230 people, and generates revenues exceeding €100 million.
A central competitive advantage lies in its technological expertise and speed: Condio is highly innovation-driven and differentiates itself through technical expertise, flexibility, and rapid implementation.
An attractive market with structural tailwinds
The European market for complex stabilizer systems is growing rapidly and offers significant future potential for expansion. This growth is driven by the trend toward plant-based and functional foods, as well as increasing demands for natural and sustainable ingredients (“Clean Label”).
At the same time, the market is shifting from standardized individual ingredients toward complex, customized system solutions – an environment in which specialized providers like Condio benefit disproportionately.
Platform for further growth and internationalization
Waterland views Condio as an ideal platform to capitalize on these trends and realize further growth. The focus is on expanding its market position in Europe, expanding into new geographical markets, and making targeted investments in additional production capacities and increased vertical integration.
Furthermore, the highly fragmented market offers attractive opportunities for selective acquisitions to complement the product portfolio and capture synergies.
Waterland has extensive experience in the food and food-related sectors, including investments in the nutrition bar manufacturer EMPWR (since 2019), as well as the industrial bakeries Onoré (2022–2026) and Diversi Foods (2014–2017).
Dr. Gregor Hengst, Managing Partner at Waterland, says: “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.”
Henrik Ingenpass, Jan Ingenpass, and Christa Sudenfeld, Managing Directors of Condio, add: “With Waterland, we gain an experienced partner who shares our growth ambitions and supports us in our next stage of development. Together with Waterland, we want to expand our international presence and further scale our innovative strength. This strengthens our competitive position in a market where manufacturers and end consumers have ever-higher demands for food quality. Ultimately, this enables us to develop better-tasting, more stable, and more natural products that directly improve the consumer experience.”
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