Biscuit International, the France-based bakery firm, has reached an agreement to acquire Dan Cake, a Portuguese manufacturer and distributor of biscuits and cakes for an undisclosed sum.
Dan Cake is a family-owned business founded in 1978 and headquartered in Coimbra, Portugal. The company, which has two manufacturing sites and employs 500 staff, is a leading producer of cakes and biscuits in Portugal and a leader in the butter cookies market. Last year, the company generated annual revenue of €55 million ($66 million).
Since 2016, Biscuit International has been acquiring businesses as part of its plan to increase its presence in Europe. The Dan Cake acquisition will support the company to become one of the major players in the European private label biscuit market, with production of around 200,000 tons of biscuits and waffles from 20 factories in Europe.
Kantilal Jamnadas, the majority-owner of Dan Cake Portugal, commented: “The acquisition by Biscuit International is an exciting development for Dan Cake Portugal, a clear and established leader in the market. In Biscuit International, we have found a sound and experienced partner, allowing Dan Cake Portugal to reinforce its local lead and expand its international position”.
“Biscuit International’s management team have a solid track-record of acquiring and successfully integrating family-owned businesses such as Dan Cake Portugal, taking them to the next growth step”, he added. “I am therefore convinced that this transaction will allow Dan Cake Portugal to enter a positive phase of its development for the benefit of our organization and our teams, our products, our clients and our customers”.
Giampaolo Schiratti, Biscuit International CEO, said: “The proposed acquisition of Dan Cake Portugal is a win-win situation for both companies. Dan Cake Portugal is a very well-established company and a strong player in the butter cookies market. It would be an excellent addition to Biscuit International Group, both in terms of product portfolios and geographical coverage. It marks an important milestone in our pursuit to enhance the breadth of our high-quality product portfolio for the benefit of our customers and their consumers”.
“We look forward to investing further in the business and helping Dan Cake Portugal to implement the considerable growth potential our international markets are offering”.
Source: Biscuit International