April 3, 2024
Today at
16:21
The food group Vandemoortele is acquiring its American sector colleague Banneton, a specialist in frozen bakery products. Thanks to the deal, Vandemoortele has an American factory for the first time.
Until now, Vandemoortele only had a commercial team in the United States, without its own production facility. Thanks to the takeover of Banneton, this will soon be a thing of the past.
Banneton is a manufacturer of frozen croissants and other pastries in North America. The company has been around for more than 15 years. Until now, it was owned by founders Victor and Alex Litinetsky (father and son) and the investment fund Encore Consumer Capital. Encore Consumer will disappear from the capital after the deal. Vandemoortele acquires a majority stake in the company. Victor and Alex Litinetsky remain shareholders. They will continue to run the company for the time being.
Vandemoortele did not provide financial details about Banneton, but described it as a “significant” acquisition, which would put the US “into the top three of our baking countries” in terms of turnover. France and Italy are the two other countries in the top three. Victor Litinetsky stated in early 2022 that his company recorded “more than $100 million” in revenue.
The takeover of Banneton follows a few months after Vandemoortele failed to take over the Italian Forno d’Asolo.
The takeover of Banneton follows a few months after Vandemoortele failed to take over the Italian Forno d’Asolo. That would have meant a quantum leap for the Flemish group. But in the sales process, he had to give in to local investors Investindustrial and Sammontana, Italy’s largest ice cream producer.
Record year
Vandemoortele has had a record year. Turnover grew by almost 11 percent to 1.925 billion euros. The company’s two divisions both performed equally well. Combined with cost control, this led to a gross operating profit (EBITDA) of 216 million euros, more than half more than in 2022.
Vandemoortele has two departments. The bakery department makes all kinds of frozen products, such as bread, croissants, chocolate cakes, donuts and focaccia. She supplies them to supermarkets, gas stations and catering establishments, where they are baked. That department had a turnover of 1.18 billion euros last year. The second, smaller department is known for its margarine brands Vitelma and Fama, but also sells salad and frying oil, mayonnaise and vinaigrettes.
The mergers and acquisitions house Alantra, Deloitte and the law firm Baker & McKenzie assisted Vandemoortele in the Banneton deal.
