Belgium-based food group Vandemoortele has acquired France’s leading frozen bakery manufacturer Panavi for an undisclosed sum.
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“We are not announcing the financial details of the acquisition,” Vandemoortele told just-food. “We do expect the business to contribute significantly to our bakery business,” the spokesperson added.
Vandemoortele said that the acquisition will strengthen its position in France, expanding its activities into the frozen bakery sector. Vandemoortele already operates the Croustifrance baked-goods brand in France.
Panavi supplies frozen breads and pastries to French retailers. With 22 factories. the group posted annual turnover of EUR307m (US$478.8m) in 2007.
“After the takeover of Panavi, Vandemoortele, with its extensive and unique product range, 34 factories and 3,800 employees, will rank among the key players in Europe,” Jean Vandemoortele, president of Vandemoortele’s executive committee, said in a statement.
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