France-based Biscuit Bouvard Group has acquired an undisclosed stake in Lago Group, a manufacturer of patisserie products in Italy.
Biscuit Bouvard, which produces branded biscuits and pastries and is also present in private label and contract manufacturing, said it purchased the stake from the Lago family, who founded their business in 1968. They will continue to hold management positions at the company based in Padova, Italy.
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However, Pierre Josselin, the group general manager at Biscuit Bouvard, will be brought in as Lago’s new chief executive.
Lago generates annual revenues of around EUR52m (US$57.6m) and owns two factories. It exports to 80 countries situated in Europe, including the UK, Asia, the Middle East, the US, Australia and South America. The firm manufactures cookies, wafers, doughnuts, macaroons and tarts.
Biscuit Bouvard claims to be Europe’s leading producer of biscuits and bakery products with a consolidated turnover of more than EUR350m. It has 14 manufacturing plants in Europe and the US and operates two subsidiaries in Italy – Bouvard Italia and Forneria Gusparo.
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By GlobalData
