NPM Capital has entered the German-speaking market with the acquisition of a majority stake in Elbfrost, a leading Marl-based food distributor and logistics service provider.

The deal marks NPM’s first platform investment in the DACH region and is expected to close in the third quarter of 2025, subject to regulatory approval.

Founded in 1990, Elbfrost has grown into a regional leader in frozen and dry product logistics, offering a range of over 1,400 items including meat, poultry, fish, vegetarian meals, and convenience foods. The company primarily serves institutions such as universities, schools, hospitals, and nursing homes through four distribution centres across Germany.

This new partnership will see NPM Capital and Elbfrost’s management team spearhead the company’s next growth phase, targeting expansion in Germany’s foodservice sector. The investment also marks a continuation of Elbfrost’s accelerated growth strategy, which began in 2022 through its collaboration with Bencis and included the acquisition of A+K Kälte-Team.

Alexis Milkovic, Partner and Country Head at NPM’s newly opened Munich office, commented: “NPM Capital, with its strong entrepreneurial background, is an excellent fit for the Mittelstand in the German-speaking region, where values such as trust, responsibility, and acting at eye level play a central role. With its optimised product portfolio, efficient operations, and broad customer base, Elbfrost is well-positioned to seize the growth opportunities in the German foodservice sector.”

The investment falls under NPM’s “Feeding the World” theme, which targets sustainable innovation across the global food supply chain. NPM Capital, backed by SHV Holding, manages 24 portfolio companies and operates offices in Amsterdam, Ghent, and now Munich.

The Elbfrost deal underscores NPM’s ambition to apply its family-backed, long-term investment philosophy across the DACH region while pursuing further opportunities aligned with its core investment pillars.

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