French food giant Danone has sold its 40% stake in German biscuit and cake manufacturer Griesson de Beukelaer.

According to a statement released yesterday (4 May) by Griesson, the Gries family has now taken a 95% stake in the group, with the remaining 5% being held by the company’s CEO Andreas Land. Financial details of the transaction were not disclosed.

Griesson de Beukelaer said that the group’s independence opened a number of options for future growth. The company added that it will continue to sharpen its focus on the premium end of the market.

Speaking to just-food today Danone said that the sale was in line with its strategy to focus on core businesses. “Our strategy is to focus on our core dairy brands and the divestment furthers this ambition,” a spokesperson for the group said.

The companies have indicated their intention to co-operate in the future and have formed a distribution agreement covering Germany and Austria.

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By GlobalData