Bristol-based cake supplier Cakesmiths has been acquired by Onoré Food Group, the European bakery manufacturer formerly known as Groupe Boncolac.
Cakesmiths CEO Chris Ormrod is to continue in his role alongside the rest of his management team, with the business trading under its current branding. The transaction is expected to complete in January 2024.
The business supplies a range of round cakes, brownies, traycakes, loaf cakes, pastel de nata, sticky buns, traybakes, flapjacks, savoury muffins, and scones to independent coffee shops. As well as maintaining direct relationships with foodservice customers, Cakesmiths’ e-commerce offerings have grown, resulting in online sales in the first half of this year more than doubling those from the entirety of 2021. Vegan and very-low gluten products are also among its options, with the company claiming to pride itself on “exciting innovation and limited-edition weekly ‘small batch’ runs”.
As the newest member of Onoré’s portfolio, Cakesmiths joins Toulouse-headquartered frozen dessert specialist Boncolac, Nantes-based macaron expert Mag’M, and Cornwall-based pasty makers Proper Cornish, acquired earlier this year.
Boncolac, now rebranded as Onoré, has been backed by private equity firm Waterland since 2022. The latest deal is said to supports its ambition to increase its international footprint and become the European leader in frozen pastries and snacking products.
“The creation of the Onoré brand completes the construction of the foundations of our group,” commented Alexandre Vigneron, chairman and general director of Onoré Food Group. “It gives consistency and clarity to our offer. Onoré underlines the quality of our products, the excellence of our know-how with a French touch which is a nod to our country of origin.”
The recent acquisition has also provided an exit for Cakesmiths investor LDC (part of Lloyds Banking Group) after a two-year partnership. LDC was reported to have given significant funding in March 2022 to support the management team’s ambitious growth strategy.
Cakesmiths has since secured high-profile client wins, and invested more than £2m to scale its operations and upgrade its digital platforms. This has resulted in an increase of 164% in revenue and 260% in EBITDA over a two-year period. Its workforce has also been expanded, going from 110 up to a current total of over 200 staff members.
“It’s hugely satisfying to look back on everything we’ve achieved in the last two years, and we’re delighted to become part of the Onoré Food Group – a move that will help our long-term growth ambitions,” said Ormord. “Demand for our amazing cakes shows no sign of slowing and we’re now perfectly positioned to share them with more people around the world as part of Onoré.”
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