Belgian bakery group Vandemoortele has secured €100m ($118.01m) in funding amid its expansion push.
The company, known for its bakery products, margarines and spreads, is raising the funds through a mezzanine finance or subordinated loan from Tikehau Capital, the Belgian Resilience Fund, Flemish investment company PMV and Welvaartsfonds.
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According to a statement, the newly secured financing aims to “strengthen” Vandemoortele’s capital framework, enabling the company to continue its focus on mergers and acquisitions within the bakery sector.
Additionally, the funds will be directed towards enhancing production capacity of the Ghent-headquartered company.
Herman Van Steenstraeten, the CFO of Vandemoortele, said: “This mezzanine financing provided the final element in establishing a solid and diversified structure for financing our recent acquisitions.”
Vandemoortele, established in 1899, reported a turnover of €1.98bn alongside an operating profit of €256m in 2024.
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By GlobalDataIts buy-and-build strategy saw it complete multiple acquisitions in the past eighteen months, which have contributed an extra €1.7bn to its turnover.
In March, Vandemoortele expanded its portfolio by acquiring bakery firm Délifrance, shortly after purchasing Bunge’s European margarine and spreads division and Italian frozen bakery business Lizzi.
Last year, the company also acquired Italian bakery business Dolciaria Acquaviva and secured a majority stake in New Jersey-based Banneton.
Reporting its financial results for the first half of 2025 yesterday, Vandemoortele said its revenue growth was supported by these acquisitions.
Yvon Guérin, CEO of Vandemoortele, added that the group “delivered solid growth despite a challenging market environment”.
“The integration of recent acquisitions in Italy and the US drove revenue growth, while our teams focused on improving the product mix, investing in innovation, and managing costs,” Guérin said.
The company recorded revenue of €1.05bn, marking an increase of 10.6% compared to the same period in 2024, driven by the integration of Banneton, Dolciaria Acquaviva, and Lizzi.
However, the adjusted group EBIT stood at €70.2m, a decrease of approximately 22.51%.
The attributable group earnings after tax also saw a decline, reaching €16m, down by approximately 72.4% from 2024.
“Although our bottom-line profitability was lower than last year, the investments and initiatives of the first half year 2025 lay the foundation for greater efficiency and long-term growth,” concluded Guérin.
“The pending acquisitions of Bunge’s European margarines & spreads business and Délifrance will be transformative, broadening our product portfolio and enhancing our international presence.”
