Boncolac Group ramps up ambitious Pan European growth strategy with acquisition of Cornish pasties specialist

By Gill Hyslop

- Last updated on GMT

Proper Cornish has been producing award-winning Cornish pasties and other pastry products for almost 35 years. Pic: GettyImages/Paperboat
Proper Cornish has been producing award-winning Cornish pasties and other pastry products for almost 35 years. Pic: GettyImages/Paperboat

Related tags Proper Cornish Boncolac Group Quantuma bakery manufacturer Cornish pasties French bakery acquisition

Business advisory firm Quantuma led the sales process on behalf of Proper Cornish to the French bakery manufacturer.

Quantuma’s team advised the shareholders on the development of the business plan and undertook a strategic marketing process that identified Boncolac as the right buyer to help accelerate growth, retain the brand and its entrepreneurial ethos.

Founded in 1988, Proper Cornish is a high-performing manufacturer of frozen, savoury pastry products from its state-of-the-art facility in Cornwall. The company has a diverse customer base and a clear plan to continue its excellent growth trajectory.

It has built an extremely strong position in the UK market and a differentiated positioning around quality, authenticity and sustainability.

Getting the deal done

Cornish pasties Proper Cornish

Quantuma MD and Corporate Finance lead Mark Lucas led the sales process, supported by associate director, George Jackson.

“Mark, George and the Quantuma team were an exceptional support through every stage of the process and made our job easy,” said Chris Pauling, CEO of Proper Cornish.

“They clearly understood our business and the market, which was reflected in the expertly written and designed marketing materials and their ability to generate lots of interest from potential buyers.

“They were on the front foot throughout and were instrumental in finding the best price and home for our business and getting the deal done.”

Added Lucas, “The Quantuma team is delighted to have advised Chris and Gerald Allen [shareholder] on the sale of Proper Cornish. They have built an absolutely fantastic business, which has found a great home to continue its journey in the Boncolac Group.

“This transaction delivers continuity for Proper Cornish as part of the Boncolac Group – an ambitious Pan European buy-and-build project – and allows it to secure the shareholder value created by Proper Cornish’s growth trajectory and investments.”

Clear commercial synergies

Boncolac Group

“The acquisition offers Boncolac clear commercial synergies through various cross-selling opportunities and establishes a strong presence in the UK market.”

Toulous-headquartered Boncolac Group operates four production sites in France, producing a wide range authentic French pastries and desserts.

The company was founded in 1955, primarily as an ice cream manufacturer but later expanded into frozen cakes and pastries. It now focuses on strengthening its bakery and catering range, sold to customers across the globe. It has recruited a team of chefs and obtained the latest tech to improve and finetune product development.

Boncolac is backed by Waterland Private Equity Investments.

Details of the transaction were not disclosed.

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