German FMCG firm Dr. Oetker has announced that it is to acquire Coppenrath & Wiese for an undisclosed amount.
Coppenrath & Wiese is a leading European manufacturer of pies, tarts, cakes and pastries, and reported revenues of €367 million ($393 million) in 2013.
Dr. Oetker’s interest in Coppenrath & Wiese was revealed as early as June last year, when it was reported the Bielefeld-based firm was “looking carefully” at the frozen bakery business.
Commenting on the proposed takeover, Dr. Oetker CEO Richard Oetker said: “For Dr. Oetker, the planned acquisition of Coppenrath & Wiese is a historic milestone in the company’s history. We are delighted that, with Coppenrath & Wiese, we can take a company into the Oetker Group that fits… with the values, goals and the strategy of Dr. Oetker”.
Once the acquisition is complete, Coppenrath & Wiese will reportedly continue to operate as a separate entity within the Dr. Oetker group.
Source: FoodBev / KAM City / media reports