Private label biscuit producer Biscuit International has reached an agreement to acquire Continental Bakeries from its majority shareholder, Goldman Sachs Asset Management.
Headquartered in the Netherlands, Continental Bakeries is a manufacturer of private label sweet biscuits, bread replacements and toast.
The company operates 13 production facilities – in the Netherlands, Belgium, Germany, Poland and Sweden – and employs more than 2,300 people.
With the proposed acquisition, Biscuit International is looking to strengthen its position in the European private label biscuit and bread substitute market.
The Platinum Equity portfolio company says that the combination with Continental Bakeries will also enhance its ability to invest in innovation and help it to shore up its position in the organic, low-sugar and eco-friendly product categories.
“This is a landmark acquisition for Biscuit International that will further establish its status as one of Europe’s leading private label biscuit manufacturers by capitalising on Continental Bakeries’ strong reputation and established brands in Northern and Eastern Europe,” said Igor Chacartegui, managing director at Platinum Equity.
“The acquisition will also allow Biscuit International to diversify its product portfolio for existing and future customers, while continuing to innovate for the development of healthy and eco-friendly products.”
Continental Bakeries CEO, Pierluigi Tosato, added: “We are excited about joining the Biscuit International family. The combination will enable us to broaden our product portfolio, deepen our international presence across Europe and enhance our customer offering.”
The transaction is expected to be completed during the first half of 2022, subject to customary antitrust and works council approvals.
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