Ghent / BE. (vmg) Vandemoortele NV, a leading European family-owned food group, announces having reached a strategic partnership agreement with Banneton Bakery Inc., a high-quality 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.
This 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 U.S. 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 U.S.
Founded in 2008 in Swedesboro, New Jersey, 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 maximise 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.
Jean Vandemoortele, Chairman of the Board of Vandemoortele: «This transaction represents a historic and important milestone for Vandemoortele of having a first production platform in the U.S.»
Yvon Guerin, CEO of Vandemoortele: «Banneton Bakery’s operations and offerings highly complement our own business in North America, with a shared focus on quality and on authentic European-style pastry products. This partnership will allow us to provide significant additional value to our customers, business partners and associates.»
Victor Litinetsky, Founder and President of Banneton: «Our advanced manufacturing process and infrastructure in the U.S. and our very strong value proposition to customers are a perfect match for Vandemoortele’s premier bakery expertise, brand recognition and global presence. We are very excited to partner with Vandemoortele and pursue our growth journey together.»
