Investindustrial acquired CSM Ingredients from Rhône Capital in October 2020 for an undisclosed amount. Rhône will retain its ownership of Baker & Baker through affiliated investment funds following the completion of the sale.
Baker & Baker is already a €400m leader in the bakery convenience market, operating across 12 sites in seven countries, with more than 2,500 employees.
The Wirral-headquartered company provides customers in the retail, foodservice and artisan channels with a variety of convenient bakery products like doughnuts, muffins, brownies, cakes, speciality breads and viennoiserie, under the Baker & Baker American Bakery, Goldfrost, Concadoro and Molco brands, among others.
It also produces goods under private label, and under licensing agreements with Mondelēz and Disney.
Drive organic growth
Baker & Baker said it aims to drive organic growth and market share through increased focus within the Traditional Bakery, Modern Trade and Foodservice/Out of Home channels.
It is particularly focused on building its market share in the American sweet bakery segment, while CEO John Lindsay added it is also well placed to see growth in the European hospitality sector, particularly as COVID-19 restrictions start to ease. It already possesses an established footprint in Germany, Benelux, France, Italy and Iberia.
“Today marks the next exciting chapter in the continued evolution of our impressive bakery products offering through the formation of Baker & Baker as a focused standalone business,” said Lindsay.
“Our philosophy and strategy will be to serve key account customers and the field trade in our core markets through the development of high-quality bakery products and complemented by a strong new product pipeline.
“Whilst we bid farewell to many colleagues who will remain with CSM Ingredients, we’re confident their business will also continue their growth trajectory within the bakery ingredients market.”
Rhône MD Gianpiero Lenza said the divestment of the European CSM Bakery Solutions business has opened exciting opportunities for growth.
“We will now focus on investing resources to further strengthen Baker & Baker’s position as a market leader in the European bakery convenience segment by growing and diversifying its customer base via product innovation and new product development,” said Lenza.