Apheon’s French portfolio company, Haudecoeur, has acquired Heliadis in Belgium and Natur Food GmbH in Germany.
The addition of Heliadis and Natur Food takes Haudecoeur beyond France for the first time, marking a significant step in its journey toward becoming a leading European platform for ethnic foods and generating a combined turnover of more than €350 million.
“These two complementary acquisitions perfectly illustrate the buy-and-build strategy we are pursuing with Haudecoeur and the founding family,” says Apheon managing partner Wolfgang de Limburg (pictured).
In 2025, Apheon raised significant capital through Apheon TMC HDC Long Term Value Fund SCSp, a fund aimed at further investments in Haudecoeur and another portfolio company, TMC. The investor has a particular affinity for companies essential to Europe’s industrial competitiveness.
“In the Haudecoeur management team, we have leaders who bring both the commercial ambition and cultural understanding to take this platform to the next level,” Wolfgang explains.
He adds that: “The continued involvement of the experienced leaders and founders across both businesses also reflects the long-term partnership approach that is central to how we invest at Apheon.”
Founded in 2005, Heliadis is a family-owned business that offers a broad range of products for the ethnic fast-food market, with a strong focus on sauces, such as its famous Nawhal’s brand, which already enjoys customer loyalty and a strong reputation in France.
Founded in 2006, Natur Food is a family-owned wholesaler of Turkish food products. With Natur Food, Haudecoeur enters the “strategically important and still highly fragmented world food market”. The company distributes a broad range of products under its own brands, such as Ahinur, to a diversified base of traditional retailers across Germany.
The first-time access to Germany’s Turkish community also strengthens the group’s presence in its home market, providing a foothold to serve the sizeable and growing Turkish population in France.
“We are delighted to welcome Natur Food and Heliadis into the Haudecoeur Group. We have identified significant synergies and strategic advantages in both transactions and look forward to working with the Natur Food and Heliadis teams,” comments CEO Miloud Benaouda.
