Quality Pastries acquired by Equistone-backed Mademoiselle Desserts
Mademoiselle Desserts (formerly Européenne des Desserts) employs c.1,000 people across its six production facilities in France and the UK and covers 75% of the French industrial pastries market. The Group recorded revenues of more than €175m in 2015, with its main customers including major French and UK retailers such as Carrefour, Leclerc, Marks & Spencer, Picard, Brioche Dorée, Pomona and Brake. By acquiring Quality Pastries, which operates a production facility in the Netherlands and specialises in the development and manufacturing of frozen puff pastries, choux pastries and sponges, Mademoiselle Desserts will broaden its international customer base and strengthen its product offering.
This acquisition of Quality Pastries represents the latest development in Mademoiselle Desserts’ active buy-and-build strategy, following the acquisitions of UK-based Speciality Desserts (now Mademoiselle Desserts Corby) in 2012 and The Hand Made Cake Company in 2014. The Group continues to explore acquisitive growth opportunities in Europe and North America and has refinanced its unitranche debt subscribed by Ardian Private Debt in 2013 with the implementation of an acquisition facility.
Jan-Martin Ridder, formerly commercial director of Quality Pastries for six years, has taken over from Hans van Eerd as Chief Executive from 1 October. Mr van Eerd will help oversee the transition to Mademoiselle Desserts’ ownership until the end of the year, before focusing on new activities.
Didier Boudy, CEO of Mademoiselle Desserts, said: “We’re excited about the strategic benefits this transaction will deliver to our company. Quality Pastries’ offering will allow us to provide a complete range of products and gives us a unique position in the industrial pastries market. Equistone’s European network and expertise in supporting its portfolio companies’ acquisitive growth have been crucial to the success of this project.”
Arnaud Thomas, Partner at Equistone Partners Europe, commented: “This further acquisition is an important step in positioning Mademoiselle Desserts as the European leader in the frozen pastries industry.”
Jan-Martin Ridder, Chief Executive of Quality Pastries, concluded: “Mademoiselle Desserts will provide us with the necessary financial backing to reach our ambitious development goals. While continuing our activity from Quality Pastries’ production facility in Weert, Netherlands, we will benefit from commercial synergies and an increase in our activity.”