Belgium-based Vandemoortele has taken full ownership of US bakery peer Banneton by acquiring the remaining stake in the business.
Financial terms of the transaction were not disclosed as the Belgian baker added to its 80% interest in Banneton purchased in 2024.
In a statement yesterday (3 August), Vandemoortele said the acquisition "marks a major milestone" for its North American strategy by "establishing a domestic US manufacturing footprint".
The family-owned company said: “Combining Vandemoortele's European import infrastructure with Banneton's domestic production plant provides a flexible, hybrid model that streamlines logistics and quickly meets customer demands.”
The Banneton brand will be retained.
After the deal’s completion, Alexandre Bloch, previously with Vandemoortele's unit in France, will take over as operations manager.
Founded in 2008, Banneton produces croissants and pastries at its facility in Swedesboro, New Jersey.
Its products are sold across retail, foodservice and bakery channels throughout the US.
Before the 2024 transaction with Vandemoortele, Banneton was owned by private-equity firm Encore Consumer Capital and founders Victor and Alex Litinetsky.
Curt Coolidge, the general manager of Vandemoortele North America, said: "We are excited to fully integrate the Swedesboro facility into our operations, allowing us to deliver the ultimate one-stop-shop experience for authentic, premium freezer-to-oven croissants and pastries."
Vandemoortele focuses on frozen bakery products and plant-based food ingredients.
The company operates production sites across 12 European countries and markets its products in more than 95 countries, including the US and Canada.
Meanwhile, Vandemoortele announced its purchase of Délifrance early last year, creating a bakery business with an estimated combined turnover of €2.4bn (then $2.6bn).
However, the deal encountered competition concerns in the UK and Europe.
The transaction then received conditional approval from the European Commission last year amid Vandemoortele’s pledge to sell two French plants in Avignon and Béthune but it was unable to secure a buyer for the sites.
Consequently, the UK’s Competition and Markets Authority (CMA) launched a Phase 2 investigation into the deal in April.
Then in June, Vandemoortele offered to sell its factory in Worcester in the UK to address those concerns. The company is now awaiting the next step from the CMA.
