Sweet bakery specialist Mademoiselle Desserts has been acquired by Emmi Group for an enterprise value of around €900m (£755m).
The deal, which was first announced back in July, is said to enable the Swiss-based manufacturer to continue expanding its market presence in the growing premium desserts category and extend its expertise built up over more than 10 years.
Mademoiselle Desserts Group CEO Didier Boudy will assume responsibility for the newly formed ‘Desserts Powerhouse’ division at Emmi, which brings together his company with the group’s existing dessert companies from Italy and the US. This will ensure continuity in management and guarantee optimal integration, noted Emmi.
“Together, we will grow the desserts business with a fabulous range of iconic products,” said Boudy, who was formerly president of French trade body, the Federation of Bakery-Pastry Enterprises.
B Corp-accredited Mademoiselle Desserts operates three bakeries across the UK – in Maidenhead, Berkshire; in Corby, Northamptonshire; and in Taunton, Somerset – supplying sweet treats for in-store bakeries and foodservice operators. Earlier this year, the Moi by Mademoiselle Desserts subbrand was launched featuring a four-strong range of filled mini beignets.
With headquarters in the Parisian suburb of Montigny-le-Bretonneux, it also has nine other bakeries in France, the Netherlands, and Belgium, and reported annual sales of around €420m for 2023 with a workforce of around 2,000 employees.
The €900m transaction corresponds to an implied EBITDA multiple which is lower than the current multiple for the Emmi Group. Sales growth and operating margins for Mademoiselle are both above the average for Emmi’s other brands, with medium-term potential for growth synergies.
The Emmi Group, headquartered in Lucerne, has made 45 acquisitions over the last three decades, which are said to have played an important role in strengthening the respective market position and accelerating organic growth.
Its portfolio is focused on four selected niches – ready-to-drink coffee, chilled premium desserts, plant-based milk alternatives, and speciality cheese – where it can promote profitable growth. Emmi’s latest purchase sees its premium desserts niche now account for around 17% of total sales.
“With the acquisition of the Mademoiselle Desserts Group, we have the ambition of strengthening our strategic premium desserts category and, as ‘category captain’ and preferred business partner, will be able to offer our customers an innovative and high-quality full range,” commented Emmi Group CEO Ricarda Demarmels.
“This strategically important step would allow us to exploit the global growth opportunities in the premium desserts category and take our portfolio transformation further. We aim to unite the ‘savoir faire’ of the French dessert-making and patisserie from Mademoiselle Desserts with the dessert creations of our passionate ‘pasticceri’ and innovateve American and Latin inspired desserts from Italy and the US under the Emmi Group umbrella.”
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