Veganz Group founder Jan Bredack is stepping down as CEO of the loss-making vegan food producer and retailer.
Rayan Tegtmeier, a seasoned financial expert, will assume the CEO role from Bredack on 1 October, as highlighted in a recent stock exchange filing.
Remaining closely associated with the company, Bredack holds the title of Veganz Group’s largest shareholder. His new focus will be on indoor farming, serving as the managing director of OrbiFarm, which Veganz Group sold earlier this year for €30m ($34.6m) to an unnamed third party, alongside a profit share.
In May, Veganz Group expressed intentions to restructure the business into five distinct units under the brands Veganz, Mililk, Happy Cheeze, Peas on Earth, and OrbiFarm. This announcement came before the vertical-farming asset sale.
Subsequently, in July, Veganz Group revealed plans to spin off the Mililk plant-based milk drinks unit. This move aims to secure new funding and prepare for the entry of strategic investors.
Tegtmeier’s extensive career includes his role as CFO of online supplements company nu3 Group and a board position at OTI Greentech, a tech solutions provider. He has executed multiple buy-and-build strategies across the DACH region, emphasizing M&A activities.
As the new CEO, Tegtmeier will guide Veganz Group into its next growth phase, focusing on its transformation into a scalable technology company. He stated, “Under my leadership, the focus will be on profitable scaling, efficient capital allocation, and both organic as well as inorganic business expansion. My goal is to advance the chosen path, tap into new growth markets, and attract institutional investors—thereby helping to address what I believe is a significant undervaluation of the company’s share price.”
On the stock market, Veganz Group shares remained stable at €17.70 in Frankfurt as of 5 August, reflecting a 20% increase over the past year.
Since founding Veganz Group in 2011, Bredack has transformed the company from a vegan supermarket chain into an innovative producer of plant-based foods with promising growth prospects, as indicated in the filing.
During the reporting of its 2024 results in May, Veganz Group disclosed a 34% decrease in sales, totaling €10.8m. The DACH region—comprising Germany, Austria, and Switzerland—contributes to 95% of total sales, with Germany accounting for 81%.
Meanwhile, EBITDA losses for 2024 narrowed to €2.4m from €6.3m the previous year, while the net loss improved to €4.8m from €9.5m.
Last month, Veganz Group announced it had raised €7.1m through a new share issue, significantly bolstering its equity base.
Additionally, a further capital raise via a private placement with strategic investors is planned, with shares to be offered at €15 each.
