GT&CO sealed a deal to acquire Belgian biscuit group Jules Destrooper yesterday (28 April).
GT&CO is the holding company of the Vandermarliere family, best known for its tobacco interests. Following the sale of its Gryson tobacco business to Japan Tobacco Company in 2012, GT&CO has been on the look-out for acquisition opportunities and, aside from some real estate transactions, the Jules Destrooper deal is the first major move from the group.
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Guigo Vandermarliere started negotiations to buy Jules Destrooper earlier this year. GT&CO will acquire 100% of the group, which was previously owned by brothers Peter and Patriek Destrooper, who each held a 50% stake. Financial details of the transaction are not being released, GT&CO said.
"The goal has always been to focus on our core competencies: the fast-moving consumer goods with a brand. The acquisition of Jules Destrooper perfectly fits the bill. Unlike other private equity players we endeavour a long-term relationship, based on the philosophy of a family company," Mr Vandermarliere said.
According to data from GT&CO, Jules Destrooper generates an annual turnover of around EUR36m (US$39.5m) and employs 160 people. The 125-year-old Lo-Reninge-based business sells biscuits into 75 countries.
GT&CO is not planning any redundancies and the group said it "wishes to aim for growth" through a number of new investments. "There is a lot of room to expand," Mr Vandermarliere suggested.
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By GlobalDataEmmanual Blomme will succeed Peter Destrooper as chief executive. GT&CO said Blomme has a "proven track record" having previously managed the Vandermarliere-owned tobacco business UTP Ltd, which employs 1,700 people.
