Vandemoortele, a European family-owned food group, 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.
The 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 US 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 US.
Founded in 2008 in Swedesboro, N.J., 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 maximize 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.
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.
