Aasted ApS Due Diligence

Run due diligence on Aasted ApS: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Piovan S.p.A. (Italy) · aasted.eu · 13 vendors

Aasted ApS is a Danish, family-owned manufacturer of world-class machinery and innovative solutions for the chocolate, bakery, and confectionery industries. Founded in 1917, the company offers a comprehensive range of equipment including tempering, enrobing, depositing, extruding, and baking systems. With a global presence and over 100 years of industry experience, Aasted serves clients worldwide from its headquarters in Farum, Denmark.

Resilience scores

Technology vendors

Insights

Last updated 2026-10-06 · revision 5

13 direct vendors, 149 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 6/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Aasted ApS exhibits a medium level of migration readiness. A significant strength is the 'Low' vendor lock-in risk, supported by a diverse base of 13 vendors across 7 countries. This flexibility in vendor relationships would simplify the transition to new platforms or service providers during a migration. However, several factors present considerable challenges. The internal tech stack, consisting of tools like WordPress, Google Analytics, and HR Manager, does not explicitly indicate a cloud-native, containerized, or microservices architecture, suggesting that a migration might involve re-platforming or re-architecting legacy systems rather than a straightforward lift-and-shift. The regulatory environment is a major hurdle, particularly GDPR's data transfer restrictions for an EU-based company, which necessitates careful planning for data residency and appropriate safeguards (e.g., Standard Contractual Clauses) when considering cloud providers outside the EU/EEA. The 'Assessment Required' status for NIS2 and the upcoming cybersecurity requirements of the Machinery Regulation (EU) 2023/1230 will also add complexity, requiring robust security considerations in any new architecture. The ability to fund a significant migration effort could not be assessed due to the absence of financial data (revenue concentration, growth history). While the low vendor lock-in is a positive, the regulatory complexities and the likely need for significant architectural work temper the overall migration readiness.

Compliance

9 in-scope frameworks identified; showing 3.

NIS2 (source) — No public evidence

Aasted ApS is a large enterprise in the manufacturing sector, which is listed as an 'Important Entity' under the NIS2 Directive. The company operates within the EU, bringing it into the scope of the directive.

Evidence: https://aasted.eu/wp-content/uploads/2026/05/Aasted_Sustainability-Report-2025_final.pdf, https://aasted.eu/wp-content/uploads/2026/05/Aasted_CSR_Report_2025.pdf

GDPR (source) — Evidence found

As a company established in Denmark (an EU member state), Aasted ApS is directly subject to the General Data Protection Regulation for all its processing of personal data.

Evidence: https://aasted.eu/data-privacy-policy/, https://aasted.eu/cookie-policy/, https://www.jobindex.dk/jobsoegning/it/systemudvikling/data-protection-officer?q=Data+Protection+Officer, https://aasted.eu/customer-service/, https://www.aasted.eu/privacy-policy/, https://aasted.eu/wp-content/uploads/2026/05/Cookie-Policy-v1.pdf

REACH — No public evidence

As a manufacturer of machinery within the EU, Aasted is subject to the REACH regulation, which governs the registration, evaluation, authorization, and restriction of chemical substances in their products.

Evidence: https://aasted.eu/wp-content/uploads/2021/01/Code-of-conduct.pdf, https://aasted.eu/wp-content/uploads/2025/03/Code_of_Conduct_-_GB.pdf, https://shamrocktechnologies.com/understanding-reach-compliant-materials-in-manufacturing/, https://www.trade.gov/eu-reach, https://environment.ec.europa.eu/topics/chemicals/reach-regulation_en, https://app.bomcheck.com/assets/docs/Guide+to+REACH+Requirements+for+component+suppliers+and+equipment+manufacturers.pdf

Financials

Three-year financials

Financial Resilience Score: 8/10

Aasted ApS demonstrates strong financial resilience underpinned by a worldwide market-leading position in chocolate, bakery, and confectionery production equipment, over 100 years of operating history (founded 1917), and stable third-generation family ownership. Equity has roughly doubled from DKK 123M in 2021 to DKK 255M in 2025, reflecting consistent retention of earnings and limited leverage risk. Revenue has grown at a ~22% CAGR over 2021-2025, with two breakout years in 2023 (+35.7%) and 2024 (+39.2%). FY2025 showed signs of normalization: revenue growth decelerated to +1.8%, and EBIT fell ~9.4% to DKK 98.8M as gross profit declined slightly despite higher revenue. EBIT margin eased from ~10.0% to ~8.9%, suggesting cost inflation (steel, labour, components) and a ~10% headcount increase (484 to 533) outpaced pricing. Management's own FY2024 guidance of DKK 1.10-1.12B for 2025 was met, indicating good forecasting discipline. Key resilience supports include a diversified product portfolio (enrobers, extruders, depositors, tempering machines, aftermarket services), patented technologies (FrozenCone, SuperNova Orbit), and group backing from Aasted Holding ApS. Risks include customer concentration among a few global chocolate OEMs, exposure to cocoa/commodity cycles affecting customer capex, and limited disclosure transparency (geographic revenue split withheld under section 96 of the Danish Financial Statements Act).

Key strengths: Worldwide market-leading position in chocolate/bakery/confectionery machinery, 100+ year operating history, founded 1917, Stable third-generation family ownership, Equity doubled 2021-2025 (DKK 123M to DKK 255M), Revenue CAGR ~22% over 2021-2025, Patented technologies (FrozenCone, SuperNova Orbit) support pricing power, Diversified product portfolio including aftermarket services, Global footprint across 50+ countries, Management forecasting discipline (FY2025 landed in guided range), No unusual conditions flagged by management

Risk factors: EBIT margin compression in 2025 (10.0% to 8.9%), Headcount grew ~10% vs. only 1.8% revenue growth, Customer concentration among few global chocolate OEMs (Barry Callebaut, Mondelez, Ferrero, Nestlé), Exposure to cocoa price and consumer demand cycles affecting customer capex, Pending legal disputes (management expects no significant impact), Limited disclosure transparency (geographic revenue split withheld under section 96), Capex-heavy equipment sales cyclicality, Cost inflation in steel, labour, and components outpacing pricing

Revenue by product/service

Workforce by country

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