Cérélia, one of Europe’s largest manufacturers of ready-to-bake dough products, has acquired Netherlands-based De Bioderij, a firm that produces ready-to-(h)eat pancake products. Seller De Bioderij was advised by M&A experts from Squarefield and Van Doorne.
Founded in December 2012 by the merger between EuroDough and L'Alsacienne de Pâtes Ménagères (APM), Cérélia is one of the largest European manufacturers of ready-to-bake dough products. The company offers a wide product range including rolled pie dough, pizza dough, pastries, cake batter and organic dough. Cérélia’s products are sold across 15 European countries, mainly sold through private label, with two own brands (‘Croustipate’ in France and ‘Pop! Bakery’ in Sweden) the exception in the firm’s portfolio.
In line with Cérélia’s recently unveiled growth strategy – the firm was acquired by venture capitalists three months ago* – the France headquartered company has decided to acquire De Bioderij. The organisation specialises in the production of pancakes and traditional Dutch poffertjes, currently exporting its products for all meals (i.e. breakfast, snack, meal, dessert) to over 35 countries worldwide. De Bioderij is headquartered in Sliedrecht and operates a second production facility in Veurne, Belgium.
With the move, both Cérélia and De Bioderij anticipate bolstering each other’s market position. For the French, the acquisition diversifies its portfolio in a complementary and expanding market, as well as adds €55 million in sales to its existing revenue base, reported to be around €212 million. At the other side of the table the joining of forces will allow the Dutch to accelerate their growth trajectory, both in existing and new markets (e.g. Spain and Italy), building on Cérélia’s strong footing in Europe. “We have strong ambitions in terms of international growth and new product development. Teaming up with Cérélia allows us to step up our efforts and will be beneficial to our people, customers and suppliers,” says Walter Kluit, CEO of De Bioderij.
“Cérélia and De Bioderij are both world-class companies in their respective fields,” comments Cérélia CEO Guillaume Reveilhac, adding “We are confident that this new combination will provide significant commercial and operational benefits for both companies.”
Seller De Bioderij was advised by merger & acquisition consultants from Squarefield, a boutique corporate finance advisory that focuses on the food & agriculture industries. The team was led by Edwin Nobels, and further consisted of Matthijs Dekker, Maarten Snijders and Thom van der Linde. For the Amsterdam-based consultancy the deal was a return to familiar ground – among other in 2011 the M&A consultants supported Kluit and his team with the acquisitions of Crêapan (Belgium) and Rutland Foods (UK). Legal advice was provided by Van Doorne. Financial terms of the transaction and advisory fees have not been disclosed.
* Cérélia Group was acquired by the IK VII Fund in July 2015.