GHENT, BELGIUM โ Vandemoortele, a family-owned European food company that manufactures and sells baked foods across the United States and 12 European countries, has acquired a majority stake in Banneton Bakery, Swedesboro, NJ. Founded in 2008, Banneton makes and sells freezer-to-oven croissants, Danishes and pastries throughout the United States. Financial terms of the transaction were not disclosed.
Victor and Alex Litinetsky, founders of Banneton, will continue investing in capital and lead day-to-day management of the company. Banneton also is owned by Encore Consumer Capital, a private equity investment firm focused on food and beverage companies that co-owns Banneton amongst more than 38 other companies in the consumer products sector.
โBanneton Bakeryโs operations and offerings highly complement our own business in North America, with a shared focus on quality and on authentic European-style pastry products,โ said Yvon Guerin, chief executive officer of Vandemoortele. โThis partnership will allow us to provide significant additional value to our customers, business partners and associates.โ
Vandemoortele said the transaction will close as soon as all conditions have been satisfied, including required regulatory clearances in the United States.
โOur advanced manufacturing process and infrastructure in the US and our very strong value proposition to customers are a perfect match for Vandemoorteleโs premier bakery expertise, brand recognition and global presence,โ said Victor Litinetsky, founder and president of Banneton. โWe are very excited to partner with Vandemoortele and pursue our growth journey together.โ
