CSM: acquires Kate’s Cakes in United Kingdom

Amsterdam / NL. (csm) Dutch food group CSM has acquired Kate’s Cakes based in the United Kingdom for a consideration of 20,5 million GBP for the shares plus the assumption of twelve million GBP in debt. Kate’s Cakes is a successful and leading supplier of premium cakes, muffins, cookies and desserts to the food service and out-of-home market segments. Kate’s Cakes operates a production facility in the UK in Ashington, West Sussex, and has 470 employees. Sales amount to 23 million GBP. Kate’s Cakes has had strong double digit growth over the last few years. The successful management team will be staying with the company. This acquisition will accelerate CSM’s growth plans in these premium segments. Gerard Hoetmer, CEO of CSM says: «This acquisition, together with the recent acquisition of Titterington’s in the United States, will create additional value for CSM in these premium market segments. It allows us to more quickly become a worldwide partner for the leading companies in the fast growing high quality food service and out-of-home market segments».