French ready-to-fill pastry maker Hafner and local fresh cake maker Patiprestige have announced a merger.
The deal will create a combined entity with a turnover of more than EUR55m (US$59.6m), operating five plants in France and one in Canada.
A joint statement said private-label goods maker Hafner has become the new shareholder in Patiprestige and that the aim of the merger is to create a market leader in ready-to-fill pastry and fresh pâtisserie.
A spokesperson for Hafner declined to comment further on the deal and the size of the stake.
Pierre-André Hafner, president of Hafner’s supervisory board, and Jean-Michel Combaz, president of Patiprestige, “are looking to put the accent on quality and innovation at the new entity in response to the growing demand for new and revamped products from the supermarket and on-trade channels and also from industrial groups, both in France and abroad”, the statement added.