Goldman Sachs Merchant Banking Division and Silverfern today announced the intended acquisition of Continental Bakeries from NPM Capital.
Continental Bakeries is a leading European bakery group specialized in the production of private label biscuits, bread replacements and toasts.
“We are delighted to welcome Goldman Sachs Merchant Banking Division and Silverfern as our new shareholders. With the strong support of our new shareholders we are uniquely positioned to accelerate our growth plan and expand our footprint delivering our strategic plan. I look forward to working closely with them as we continue to expand this great business further in its current home markets and beyond,” says Ruud van Henten, CEO of Continental Bakeries.
“Together with the management team and the successful execution of five add-on acquisitions we have transformed Continental Bakeries into a leading private label European Bakery goods platform focused on biscuits, bread replacements and toasts with significant scale in its market segments and a truly European customer base. We would like to thank the whole management team for the exceptional contribution during our ownership,” says Johan Terpstra, Investment Director at NPM Capital.
“We are impressed by the quality and the strength of the platform that the management team and employees have built with Continental Bakeries,” says Mike Ebeling, Managing Director in the Goldman Sachs Merchant Banking Division. “We see significant potential for Continental Bakeries to accelerate its growth path and to act as a consolidator of the fragmented European baked goods industry. We are excited to be supporting the company’s growth ambitions both organically and through acquisitions.”
Final agreement on the transaction is expected shortly after completion of the applicable employee consultation procedures and closing of the transaction will be subject to customary regulatory clearances. William Blair acted as exclusive financial advisor to NPM Capital and OXEYE Advisors as exclusive financial advisor to the Goldman Sachs Merchant Banking Division and Silverfern. Nielen Schuman acted as debt arranger.
Source: Continental Bakeries
Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.
German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.
Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.