Belgium-based baker Vandemoortele has bought a manufacturing presence in the US with a deal to buy a majority stake in New Jersey-based Banneton.
Vandemoortele has a commercial office in the US but, until now, its production assets have been in Europe.
Banneton, set up in 2008, makes croissants and pastries products at its base in Swedesboro.
Up to the deal with Vandemoortele, the company was owned by private-equity firm Encore Consumer Capital and founders Victor and Alex Litinetsky. The men will remain shareholders and continue to manage the business, Vandemoortele said.
The financial terms of the deal were not disclosed.
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Vandemoortele chairman Jean Vandemoortele said: “This transaction represents a historic and important milestone for Vandemoortele of having a first production platform in the US.”
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By GlobalDataAccording to the group’s 2023 annual report, it had ten staff in the US, where it markets Banquet D’Or French pastries made in Europe.
Yvon Guerin, the CEO of Vandemoortele, added: “Banneton Bakery’s operations and offerings highly complement our own business in North America, with a shared focus on quality and on authentic European-style pastry products.”
Victor Litinetsky, who holds the role of Banneton president, added: “Our advanced manufacturing process and infrastructure in the US and our very strong value proposition to customers is a perfect match for Vandemoortele’s premier bakery expertise, brand recognition and global presence. We are very excited to partner with Vandemoortele and pursue our growth journey together.”
Vandemoortele’s business operations take in bakery products and a division called plant-based food solutions, which sells products including margarines, fats and sauces.
The company’s annual revenue stood at €1.93bn ($2.06bn) in 2023, up from €1.74bn in 2022.
It generated a profit from operations of €141.5m, versus €97.9m a year earlier. Net profit was €109.3m, against €71.2m in 2022.
According to the business’ 2023 annual report, Vandemoortele had 29 production sites in Europe.
The company exported to more than 70 countries during the year. Its main markets were France, Germany and Belgium.
