Peter's Yard crackers in packaging

Source: Peter’s Yard

Lotus Bakeries has acquired UK sourdough cracker and crisp firm Peter’s Yard.

Under the transaction, which is expected to close on 1 July, Peter’s Yard will become part of the Lotus Natural Foods business which is headed up by Isabelle Maes and includes brands Nākd, Trek, Bear and Kiddylicious.

Current Peter’s Yard joint managing directors Ian Tencor and Wendy Wilson-Bett, who founded the company in 2008, will hand over all operational responsibilities to new managing director Jean-Baptiste Robert, who will report to Twan Thorn, MD of Kiddylicious. Both have built extensive experience at Lotus Bakeries, it said.

The price paid represents ‘a multiple of c2x net sales’, Lotus Bakeries added. The Belgian-headquartered business first acquired a stake in Peter’s Yard in 2019 via its venture capital vehicle Fast Forward 2032 (FF2032) which invests in ‘promising’ brands and growth companies offering innovative technologies or market approaches in the wider food and drink market.

Since then, Peter’s Yard has grown significantly, doubling its UK sales to around £6m. The business manufactures all its products in the UK to its original Swedish recipe using a 45-year-old sourdough starter. Its range includes Rosemary & Sea Salt Sourdough Crackers, Pink Peppercorn Sourdough Crackers, Seeded Sourdough Flatbreads and West Country Sour Cream & Chive Sourdough Bites.

“With the addition of Peter’s Yard’s delicious sourdough products to the Lotus Bakeries family, we further strengthen our position in the UK and venture our first steps into the savoury snacking category,” Maes said. “Building on the strong heritage of the brand, we strongly believe that we can leverage the capabilities and expertise of Lotus Bakeries to further accelerate the growth of Peter’s Yard.”

She added that Lotus Bakeries has a lot of respect for the Peter’s Yard team and what they have achieved so far.

“We chose FF2032, and therefore Lotus Bakeries, as a minority investor in 2019 because of their complementary capabilities and similar values, which would help us grow the brand profitably,” said Wendy Wilson-Bett and Ian Tencor.

“Since then, this partnership has enabled us to grow faster and it has been a pleasure to work together with Lotus. Our focus was always on finding a long-term partner for the brand, which convinces us that Peter’s Yard has now found an excellent home within the Lotus Bakeries Group brand portfolio.”