Los Angeles / CA. (peq) Platinum Equity, a global investment firm based in Los Angeles, announced the acquisition of Biscuit International, a leading European manufacturer of private label sweet biscuits (see also b:eu on 2019-11-29).
Headquartered in Paris, Biscuit International employs approximately 1,900 people and generated sales in excess of EUR 500 million during the last 12 months, of which approximately two-thirds came from outside France.
The company markets a wide range of products with a European or local presence, including traditional biscuits and a growing portfolio of products for consumers with specific dietary requirements (organic, low-calorie, sugar-free, gluten-free, milk-free and other categories).
«Biscuit International has an exceptional portfolio and a well-deserved reputation for high-quality products,» said Platinum Equity Partner Louis Samson. «We support the company’s plan to continue expanding its offering and its international reach, both organically and through additional add-on investments. We look forward to working with the management team to optimize the platform and maximize operational performance throughout the business.»
Biscuit International was created in 2016 by the merger of Groupe Poult and Banketgroep and grew through the acquisitions of A+W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel + Co and Aviateur in the Netherlands, and Arluy in Spain.
Platinum Equity’s acquisition of Biscuit International is the latest example of the firm’s increasing momentum in Europe and its ability to execute both large and small cap transactions.
In January, Platinum Equity announced a definitive agreement to acquire Pescara, Italy-based wine producer Farnese Vini. Last year the firm acquired Genoa, Italy-based global marine contractor De Wave Group and Pontevedra, Spain-based seafood provider Iberconsa.
The firm also previously acquired Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson + Johnson for USD 2.1 billion and Wyndham’s European vacation rental business for USD 1.3 billion.
Rothschild + Co served as financial advisor to Platinum Equity on the acquisition of Biscuit International. Latham + Watkins served as Platinum Equity’s legal advisor on the transaction.