Baking equipment supplier Baker Perkins is set to be acquired by Schenck Process Group (SGP).
The transaction is expected to close in Q4 2020. Upon completion, Baker Perkins will continue to be run by its existing managing directors as part of the SPG regional business structure.
Global equipment supplier SPG said the move will significantly strengthen its European capabilities in the food processing and equipment sector, broaden its product offering in the Americas and provide opportunities for growth across the Asia Pacific region.
“I am delighted to see Baker Perkins join us. This is a long-established business with a reputation for excellent products and customer service, with a similar business model to our own,” said Keith Cochrane, CEO of SPG.
“It will complement and extend our existing product offering to the food end-market market, which is a key strategic focus, providing good opportunities for future growth, operating efficiency and further value creation for all stakeholders.”
Baker Perkins, meanwhile, plans to build upon its knowledge, experience and customer relationships to support future growth, while remaining committed to its existing facilities in Peterborough and Grand Rapids, Michigan.
The firm supplies food processing equipment and aftermath services to the bakery industry including biscuit, cookie, cracker and breakfast cereal markets.
“We have been looking for a long-term partner prepared to invest in the company and continue its development for many years to come. We can relate to the SPG culture that encourages local autonomy and entrepreneurship, which fits well with our independent mind-set. Already we can see significant opportunities for growth, and I am excited at the prospect of working together,” added Dan Bassett, managing director at Baker Perkins.
It follows a raft of recent acquisitions in the baking industry, including Fox’s Biscuits which was bought by a Ferrero-related company and CSM’s European and International Bakery Ingredients business which was acquired by an investment subsidiary of Investindustrial.