Vandemoortele, a European family-owned food group, has announced it has reached a strategic partnership agreement with Banneton, a manufacturer of premium freezer-to-oven croissants, Danishes, and pastries in North America.
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 reportedly reinforces the focus and commitment of Vandemoortele on serving customers in the U.S. With a local production platform, Vandemoortele states the company 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, NJ, Banneton is known for baking premium, clean-label products with great taste, highly consistent quality, and visual appeal. Banneton Bakery is currently owned by the Litinetskys and Encore Consumer Capital, a private equity investment firm focused on the consumer products industry.
According to company representatives, Vandemoortele and Banneton share a passion for taste and quality and will pursue their mission to maximize customer satisfaction. Both companies own complementary manufacturing processes and product capabilities, which have been developed through years of R&D, reportedly resulting in winning product solutions for customers.
Jean Vandemoortele, chairman of the board of Vandemoortele, says, "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, says, "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, says, "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 and finance, and legal advisors to Banneton on the transaction. Alantra, Deloitte, and Baker McKenzie acted as the respective M&A, tax and finance, and legal advisors to Vandemoortele on the transaction.
