GHENT, Belgium – April 03, 2024 – Non-Regulated Information
Vandemoortele, a leading European family-owned food group, announces today having reached a strategic partnership agreement with Banneton, a high-quality manufacturer of premium freezer-to-oven croissants, Danishes and pastries in North America.
Press release (English): Vandemoortele acquires a majority stake in Banneton Bakery (PDF)
As part of the agreement, Vandemoortele will acquire a majority stake in Banneton, while Victor and Alex Litinetsky, founders of Banneton, will stay invested in the capital and continue to lead the day-to-day management of the business after closing.
This acquisition reinforces the focus and commitment of Vandemoortele on serving customers in the United States. With a local production platform, Vandemoortele will be able to better serve U.S. customers and grow value for them as a committed local partner. The transaction will close as soon as satisfaction of all conditions has been obtained—including required regulatory clearance in the U.S.
Founded in 2008 in Swedesboro, New Jersey, Banneton is known for baking premium, clean-label products with great taste, highly consistent quality and visual appeal. Banneton Bakery is currently owned by Victor and Alex Litinetsky and Encore Consumer Capital, a private equity investment firm focused on the consumer products industry.
Vandemoortele and Banneton share a relentless passion for taste and quality and will pursue their mission to maximise customer satisfaction. Both companies own complementary manufacturing processes and product capabilities, which have been developed through years of intensive research and development (R&D), resulting in winning product solutions for customers.
Jean Vandemoortele, Chairman of the Board of Vandemoortele: “This transaction represents a historic and important milestone for Vandemoortele of having a first production platform in the U.S.”
Yvon Guerin, CEO of Vandemoortele: "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. This partnership will allow us to provide significant additional value to our customers, business partners and associates."
Victor Litinetsky, Founder and President of Banneton: "Our advanced manufacturing process and infrastructure in the U.S. and our very strong value proposition to customers are 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."
Houlihan Lokey, Grant Thornton and Ice Miller LLP acted as the respective M&A, Tax&Finance and Legal advisors to Banneton on the transaction.
Alantra, Deloitte and Baker McKenzie acted as the respective M&A, Tax&Finance and Legal advisors to Vandemoortele on the transaction.
ABOUT
Banneton Bakery | www.bannetonbakery.com
Banneton is a leading manufacturer of premium freezer-to-oven croissant, danishes and other pastries in North America. Banneton was founded in 2008 in Swedesboro, NJ by Victor and Alex Litinetsky, Banneton is known for baking premium, clean-label products with great taste, highly consistent quality, and visual appeal.
Encore Consumer Capital | www.encoreconsumercapital.com
Encore Consumer Capital is a private equity investment firm focused on the consumer products industry. The firm has raised over $900 million in committed capital and invested in over 38 companies in the sector. Encore’s current and prior investments include food and beverage manufacturers and marketers, pet products companies, personal care/beauty companies, and food distribution companies. The firm targets companies with between $10 million and $150 million in annual revenues where Encore’s strong expertise in strategy development, brand marketing, manufacturing and supply chain optimization, and distribution expansion can drive performance.
Vandemoortele | www.vandemoortele.com
Vandemoortele is a family-owned, leading European food group that produces and sells high quality food products with a focus on sustainability from ingredient sourcing to product packaging and shipment. Founded in Izegem, Belgium in 1899, Vandemoortele concentrates on two categories: Bakery Products and Plant Based Food Solutions. The Vandemoortele group has a presence in 12 European countries and in the United States, with an office in New York, New York. The Vandemoortele head office is located in Ghent, Belgium. Explore our Annual Integrated Report 2023, and stay updated by connecting with Vandemoortele USA on LinkedIn.
CONTACT
Marc Croonen – Chief Human Resources, Sustainability and Communication
Vandemoortele NV
T. +32 (0)9 24 24 706
E. marc.croonen@vandemoortele.com
Thierry Schmitz – General Manager
Vandemoortele USA Inc.
T. +1 (914) 261 9927
E. thierry.schmitz@vandemoortele.com