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Germany confectionery company Katjes Group has acquired the UK gluten-free bakery Genius Foods through its venture-capital arm Katjes Greenfood.
Founded in 2009, Genius Foods has a product portfolio of rolls, bagels, loaves, wraps, and pittas sold in the major retailers and in the foodservice channel. Last year, the firm achieved EUR40m (US$42.7m) in sales.
With this acquisition, Katjes Greenfood aims to expand its gluten-free product market, which has been growing at double-digit rates from year to year.
Tobias Bachmüller, managing partner of Katjes Greenfood, said: “This makes gluten-free an ideal category for Katjes Greenfood, which, as a legally independent part of the Katjes Group, is investing in the future of nutrition outside of confectionery. The opportunity to become the market leader in a future category purchase is a unique opportunity for us”.
Genius Foods’ CEO Dr. Peter Quinn said: “We believe that we have found a strong investor in Katjes Greenfood, which can not only open up great markets and [create] brand potential in the short term but, at the same time, [build on] the long-term and sustainable values of a family business”.
Katjes Greenfood said it was its largest acquisition to date, but the value of the transaction wasn’t disclosed.
Sources: Just Food
