Jan Bredack
German entrepreneur and founder of Veganz
From Wikipedia, the free encyclopedia
Jan Bredack (born 9 April 1972) is a German entrepreneur who co-founded Veganz in 2011, Europe's first dedicated vegan supermarket chain.[1] The company, rebranded as Planethic Group AG in September 2025, has undergone multiple strategic pivots from vegan retail to branded wholesale to food technology holding and has been the subject of sustained investor criticism due to persistent financial losses, a stock decline of over 95% since its 2021 initial public offering, a bond default, and governance controversies surrounding related party transactions and leadership instability.[2][3]
Jan Bredack | |
|---|---|
| Born | 9 April 1972 |
| Education | Motor vehicle mechanic (Kfz-Mechaniker), Master craftsman (Meisterprüfung) |
| Alma mater | University of St. Gallen (management programmes) |
| Occupations | Entrepreneur, business executive |
| Years active | 1992–present |
| Employer | Daimler-Benz / Daimler AG (1992–2011) |
| Known for | Founding Veganz (now Planethic Group AG), Europe's first vegan supermarket chain |
| Notable work | Vegan für alle (Piper Verlag, 2014) |
| Title | Managing Director, OrbiFarm GmbH (since October 2025); formerly CEO, Veganz Group AG (2011–2025) |
| Board member of | Planethic Group AG (largest shareholder; planned Supervisory Board member) |
| Spouses |
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| Children | 7 |
Bredack served as chief executive officer from the company's founding until 30 September 2025, when he stepped down to become Managing Director of OrbiFarm GmbH, an indoor farming subsidiary he had overseen selling to an undisclosed buyer for €30 million while still CEO. He remains Planethic's largest shareholder and in Board.[4][5]
Early life and education
Bredack was born on 9 April 1972 in Salzwedel, a town in what is now Saxony-Anhalt, in the German Democratic Republic. He grew up in East Berlin in what he has described as a difficult family environment: his father worked for the Stasi, his mother taught Russian, and his brother was active in right-wing extremist circles, with whom Bredack later severed contact.[6][7] Bredack has described himself as having been "red to the core" during the GDR era, deeply shaped by the state's socialist ideology.[8]
After the fall of the Berlin Wall in 1989, Bredack completed vocational training as a motor vehicle mechanic (Kfz-Mechaniker) and passed the master craftsman's examination (Meisterprüfung).[9] He later attended management programmes at the University of St. Gallen in Switzerland.[9]
Bredack has been married three times and has seven children. His second wife's vegetarianism prompted his initial examination of dietary ethics. In 2008, he experienced a severe burnout, following which he adopted a vegan lifestyle on 1 January 2009.[10] His third wife, Maja Bredack, was elected to the Supervisory Board of Veganz Group AG in August 2025, over the objection of the SdK Schutzgemeinschaft der Kapitalanleger, which argued that a family member of the founder and largest shareholder lacked the independence required for effective oversight.[11]
Career at Daimler (1992–2011)
Bredack joined Daimler-Benz in the early 1990s as a breakdown service assistant (Pannenhelfer), an entry-level position in the company's commercial vehicle division.[9] He rose through the organisation over approximately 19 years, building the customer service function for the German truck sales division. By age 30 (c. 2002), he had been promoted to Head of Sales and Service for Commercial Vehicles in Germany.[12]
He subsequently transferred to Mercedes-Benz Trucks Vostok, a joint venture between Daimler AG and the Russian truck manufacturer KAMAZ, serving as Technical Director in the executive management. In this capacity, he oversaw the construction of the first Mercedes truck production plant in Russia and the development of the local sales organisation.[9][12] He left Daimler in 2011 following his 2008 burnout to found Veganz.[10]
During his Daimler career, Bredack also operated a side business an online greeting card company that reportedly generated significant revenue.[6]
Veganz
Founding and early expansion (2011–2015)
On 12 February 2011, Bredack opened Europe's first exclusively vegan supermarket in Berlin's Prenzlauer Berg neighbourhood, trading as Veganz GmbH.[1] The concept was inspired by his travels to Scandinavia, the United States, and Russia, where he found vegan products more widely available than in Germany.[10][13]
The chain expanded rapidly to up to ten stores across German cities, with additional franchise locations in Vienna and Prague.[14] Stores featured integrated cafés and were designed as experiential spaces for the vegan lifestyle. By 2015, Veganz reported annual revenues of approximately €24 million.[15]
In parallel, Veganz entered wholesale distribution, supplying products to chains including Edeka, Rewe, Metro, dm, and Rossmanna strategy that would prove to undermine its own retail stores.[16]
Retail insolvency (2016–2017)
In December 2016, the retail subsidiary Veganz Retail GmbH filed for self-administered insolvency (Planinsolvenz) at the Charlottenburg District Court.[17] Bredack stated that the stores were losing up to €500,000 per month and that the dedicated vegan supermarket model had been rendered obsolete by the growing availability of vegan products in conventional retail a trend his own wholesale operations had helped accelerate.[14][18]
At least four of nine stores were closed immediately; the remaining Berlin locations followed by 2022–2023.[15] The parent company Veganz GmbH was not affected by the insolvency filing.[17] The Wirtschaftswoche described the episode as a "kommunikative Pleite" (communications disaster), noting that Bredack had dismissed media coverage of the insolvency as "bullshit" and "fake news" while the subsidiary was in fact insolvent.[14]
Pivot to branded products (2017–2021)
Following the insolvency, Bredack repositioned Veganz as a producer and wholesaler of branded plant-based products. The company launched its own product line in 2015 and steadily expanded it; by 2021, Veganz offered over 120 own-brand items available in approximately 22,000 retail locations across 26 countries, with proprietary products comprising approximately 95% of sales.[19]
In 2020, Veganz opened an in-house vegan cheese production facility in Berlin. A dedicated vegan salmon production facility was established in Neubrandenburg in June 2022.[20] In 2019, the company was restructured as Veganz Group AG in preparation for a public listing.[21]
Initial public offering (2021)
On 10 November 2021, Veganz Group AG went public in the Scale segment of the Frankfurt Stock Exchange at an issue price of €87 per share near the bottom of the marketed range of €85–105 raising approximately €33.8 million in gross proceeds. The IPO was advised by Goodwin Procter and Noerr.[22][23] Bredack held 26.3% of shares prior to the offering. The initial market capitalisation exceeded €106 million.[22]
IPO proceeds were intended primarily for a new production facility in Werder (Havel), research and development, and international expansion. The Werder facility was abandoned in 2022 after costs exceeded projections by approximately 30%.[24]
The stock began trading below the issue price on its first day. On 24 May 2022, shares fell approximately 50% in a single session following the release of poor quarterly results.[25] As of March 2026, the stock had reached an all-time low of €3.83, representing a decline of over 95% from the issue price and a market capitalisation of approximately €5 million.[2]
Financial performance
Veganz/Planethic has not achieved sustained annual profitability since its founding. Revenue declined from a peak of €30.4 million in 2021 to €10.8 million in 2024, while cumulative net losses since the IPO exceeded €38 million.
| Year | Revenue | Net result | Equity ratio |
|---|---|---|---|
| 2021 | 30.4 | −13.3 | — |
| 2022 | 23.6 | −11.0 | — |
| 2023 | 16.4 | −9.5 | — |
| 2024 | 10.8 | −4.8 | 5.2% |
| H1 2025 | 2.0 | adj. EBITDA: −4.3 | 52.6%[a] |
Sources: Annual reports, Bundesanzeiger; H1 2025 data per pressetext.com (25 September 2025).[26]
Total board compensation in 2023 amounted to €795,000 against revenues of €16.4 million and a net loss of €9.5 million a compensation-to-revenue ratio of approximately 4.8%.[27]
Bond default and creditor intervention
The company was unable to repay its 7.5% bond 2020/2025 (ISIN: DE000A254NF5, outstanding volume: €9.853 million) at maturity in February 2025. A first bondholder vote in November 2024 failed to reach the required 50% quorum. The SdK Schutzgemeinschaft der Kapitalanleger organised a bondholder interest group and submitted a counter-motion demanding improved terms, including annual partial repayments of 5% of outstanding nominal volume from 2026 and interest payments linked to market capitalisation. In a second vote on 17 December 2024, bondholders approved a five-year extension to February 2030 under these conditions. Interest payments for 2024 and 2025 were suspended entirely.[28][29][30]
SdK spokesman Michael Kunert commented that the company had "merely bought time and is far from out of the woods."[28]
Capital increases
During 2025, Bredack authorised multiple capital increases that raised the share count from approximately 1.25 million to over 2.12 million shares a dilution of approximately 54%. Several issuances excluded subscription rights for existing shareholders. The total equity raised amounted to approximately €8.44 million.[28] Of the newly issued shares, 200,000 were used as payment for the acquisition of IP Innovation Partners Technology GmbH from a company controlled by Supervisory Board Deputy Chairman Sascha Voigt (see below).[31]
OrbiFarm
OrbiFarm was an indoor farming and vertical farming technology platform developed within the Veganz Group using systems licensed from the Fraunhofer Institute.[5] The initiative formed part of Bredack's strategy to diversify Veganz beyond consumer products into agricultural technology.
In April 2025, Veganz Group established OrbiFarm GmbH as a standalone subsidiary to centralise patents, licences, and branding related to the technology.[32] In June 2025, Bredack as CEO oversaw the sale of 100% of OrbiFarm GmbH to an undisclosed buyer for €30 million, payable in installments through 2028. Planethic retained a 25% profit participation in OrbiFarm's future earnings.[5][33]
The transaction generated a €30 million book gain, which constituted the entirety of the company's positive H1 2025 EBITDA of €25.3 million; the adjusted EBITDA excluding the OrbiFarm gain was negative €4.3 million.[26]
On 1 October 2025 the day Bredack stepped down as CEO of Planethic he became Managing Director of OrbiFarm GmbH, the entity he had just overseen selling.[4] The identity of the buyer has not been publicly disclosed. The transaction has drawn scrutiny regarding potential conflicts of interest, as Bredack negotiated or approved the sale terms in his capacity as CEO of the selling company before assuming the leadership of the sold entity, while remaining the largest shareholder of the seller.[32][34]
OrbiFarm was publicly showcased in June 2025 at GreenTech Amsterdam in partnership with Körber Technologies.[26]
Restructuring and rebranding (2025)
In August 2025, shareholders at the annual general meeting approved the spin-off of Veganz's operating divisions Mililk Food Tech (plant-based milk via 2D printing technology), Happy Cheeze, Peas on Earth, and Veganz (consumer products) into standalone subsidiaries under a holding structure.[32] The company rebranded as Planethic Group AG, with the change entered in the commercial register on 8 September 2025.[35]
Additional acquisitions in September 2025 included Suplabs GmbH (dietary supplements, e-commerce) and IP Innovation Partners Technology GmbH (2D printing machine technology) the latter from a company controlled by Supervisory Board Deputy Chairman Sascha Voigt (see below).[31][36]
The Mililk subsidiary was established with a pre-money valuation of €80 million approximately 16 times the total market capitalisation of the parent company at the time and management announced a potential Nasdaq listing for the second half of 2026.[37]
Leadership crisis and governance controversies
Three CEOs in eight weeks (October–November 2025)
The period from October to November 2025 saw three successive CEOs within eight weeks:
- Jan Bredack stepped down on 30 September 2025.[4]
- Rayan Tegtmeier, announced as successor on 5 August 2025, took office on 1 October 2025 and was dismissed with immediate effect on 21 November 2025 after 52 days. The official statement cited "mutual agreement" and the "specific requirements and operational complexity" of the transformation process.[38]
- Sascha Voigt, previously Deputy Chairman of the Supervisory Board and a major shareholder, assumed the CEO role on 24 November 2025.[39]
The bond-focused publication BondGuide characterised the leadership changes as "erneutes Stühlerücken" (renewed game of musical chairs).[3]
Tegtmeier's background
Tegtmeier had previously been a shareholder and managing director of the Brillant Firmengruppe, a German staffing group with approximately 2,000 employees and €70 million annual revenue that filed for insolvency in March 2021.[40] JOBZ GmbH, where Tegtmeier served as managing director, underwent insolvency proceedings concluded in July 2025 concurrent with his appointment at Planethic.[41] Whether the Supervisory Board was aware of these insolvency involvements at the time of his appointment has not been publicly addressed. In a subsequent interview, Voigt stated he and Tegtmeier had "different views and priorities" but did not elaborate.[11]
Related-party transaction: IP Innovation Partners
In September 2025, Planethic acquired 100% of IP Innovation Partners Technology GmbH a spin-off from IP Innovation Partners GmbH, described in the official ad hoc filing as a "long-standing service provider" to Planethic for €3 million paid in 200,000 newly issued Planethic shares. The shares carried no contractual lock-up period; the filing stated only that they were intended to be "held long-term."[31]
IP Innovation Partners GmbH was founded and led by Sascha Voigt, who simultaneously served as Deputy Chairman of Planethic's Supervisory Board the body responsible under German law for overseeing management and approving transactions with related parties under § 111a–c AktG.[36][39] No independent fairness opinion for the transaction has been publicly disclosed.[36] Whether Voigt recused himself from the Supervisory Board's deliberation on the acquisition has not been addressed in public filings.
Two months later, Voigt was appointed CEO, transitioning from the supervisory body that oversaw the purchase of his company's technology to the executive role controlling that technology operationally.[39]
Supervisory Board changes
Former Supervisory Board Chairman Roland Sieker, a former Unilever vice president, resigned just two days after the August 2025 annual general meeting. He was replaced as Chairman by Evgeni Kouris, himself a Planethic shareholder.[32][42]
In January 2026, CEO Voigt announced plans to elect Bredack to the Supervisory Board at an extraordinary general meeting a move that would place the founder and largest shareholder in the oversight body of the company he recently led as CEO.[11]
Vitiprints litigation
In September 2024, US-based Vitiprints LLC filed a lawsuit against Veganz Group AG in the United States District Court for the Southern District of New York (Case No. 1:24-cv-06845), alleging misappropriation of trade secrets under the Defend Trade Secrets Act. The complaint alleged that Veganz independently developed and marketed products using Vitiprints' patented dehydration technology for producing shelf-stable "flat milk" after the termination of a December 2022 licensing agreement.[43]
The dispute was apparently resolved when Planethic and Vitiprints announced a new global licensing agreement in October 2025.[44]
Early controversies
In 2011–2012, reports from Berlin's vegan activist community alleged that Bredack, at a staff meeting, demanded that customers wearing Thor Steinar clothing a brand associated with Germany's far-right scene be served without objection, and that he referred to a local NPD politician as a "friendly neighbour." Staff members who raised concerns were reportedly dismissed. Bredack's representatives rejected the allegations as unfounded.[45] The claims have not been independently verified by established media outlets.
Separately, in 2014, Bredack shared a link to a text on vitamin B12 authored by adherents of Germanic New Medicine, a pseudoscientific ideology; one of the authors, Karl Probst, is a self-identified Reichsbürger. Bredack subsequently distanced himself from the authors' views.[46]
Publications
- Vegan für alle: Warum wir richtig leben sollten (with Helmut Kuhn), Piper Verlag, 2014. ISBN 978-3-492-05630-4[12]
Awards
- 2014: PETA Germany Person of the Year[10]
- 2014: National finalist, Deutscher Gründerpreis (German Founder's Award)[9]
- 2015: PETA Progress Award for Sustainable Management (awarded to Veganz)[9]
These recognitions were awarded during the company's early expansion phase. The subsequent financial trajectory including the 2016 insolvency, persistent losses, stock decline, and governance controversies has been noted by financial commentators as contrasting with the company's earlier public profile.[47]
Notes
- The H1 2025 equity ratio improvement reflects the €30 million OrbiFarm book gain; the adjusted EBITDA excludes this one-off effect.