Dutch baked goods and ingredients group CSM has acquired UK-based cake specialist Kate’s Cakes.
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CSM has snapped up the firm for GBP20.5m (US$41.6m) plus the assumption of GBP12m in debt.
The company is headquartered in West Sussex in the south of England and employs some 470 people. Kate’s Cakes has annual sales in the region of GBP23m and has recorded “strong double-digit growth” over the last few years, according to CSM.
“This acquisition, together with the recent acquisition of Titterington’s in the US, will create additional value for CSM in these premium market segments,” said CSM chief executive Gerard Hoetmer. “It allows us to more quickly become a worldwide partner for the leading companies in the fast growing high quality foodservice and out-of-home market segments.”
The current management team at Kate’s Cakes is to stay in place, CSM added.
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By GlobalDataCSM, a global supplier of baked goods, ingredients for bakers and lactic acid and lactic acid derivatives, acquired Titterington’s, a Massachusetts producer of frozen scones, muffins, cakes and pastries, for around US$23m in June.
