Food group Dr. Oetker has acquired German frozen bakery company Coppenrath & Wiese for an undisclosed amount.
The Osnabrück-based manufacturer was reported to be worth as much as €400m in January when Dr. Oetker were believed to have exited the bidding process. Its previous owners agreed to sell the company after failing to agree upon a common strategy, following the death of founder Aloys Coppenrath in March 2013.
Coppenrath & Wiese manufactures a range of pies, tarts, cakes and pastries, and generated revenues of €367m in 2013, according to the German newspaper Die Welt. The acquisition will give Dr. Oetker a significant presence across the four categories.
The company will continue to operate as a separate entity within the Oetker Group, allowing it to become increasingly globalised.
Dr. Oetker CEO Richard Oetker said: “For Dr. Oetker, the planned acquisition of Coppenrath & Wiese is a historic milestone in the company’s history. We are delighted that, with Coppenrath & Wiese, we can take a company into the Oetker Group that fits… with the values, goals and the strategy of Dr. Oetker.”
“We speak the same language,” he said.
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