Europastry increases its stake in Wenner Bakery to 100%

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Date: 12-Nov-2018

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Source: alimarket.es

Europastry had a 65% stake in the American bakery company

Europastry increases its stake in Wenner Bakery to 100%

 

Europastry, national leader and fourth global operator of the frozen dough sector, has announced the purchase of 35% of the capital it did not control in the New York-based frozen dough maker, Wenner Bakery, now subscribing 100% of the shareholder. Europastry entered the shareholding of Wenner Bread at the end of 2013 with 24% of the capital and progressively increased its participation until it acquired 100% of the company. According to the company in a statement, this operation "allows us to consolidate our presence in the US market and confirm our commitment to the team of Wenner Bakery, in addition to developing the culture and vision of Europastry to be a leading company in the sector”.

 

Wenner Bakery began its journey 60 years ago in Queens, New York, as supplier of 'Knots', typical bread in the form of a knot, for supermarket retailers. Currently, it has 638 employees,, a productive capacity of 58,000 t per year and offers a wide range of products throughout the US from its three production plants located in New York and New Jersey, with a turnover at the end of 2017 of around 100 M€. The company's catalog includes bread references in both precooked frozen and fresh, which include the "Knots", "Italian bread", baguettes and "parisians", "rolls", "loaves" or hamburger breads. In pastries, it focuses mainly on Danish croissants and pastries, with the recent addition of 'Dots', which complements other seasonal products.

 

Europastry closes this transaction in a context of renewed rumor -without confirmation by the company- about its possible IPO over the next year 2019. At the end of 2017, Europastry reached a turnover of 600 M€ -not including Ingapan's sales data-, through the commercialization of 313,000 t of product. The segmentation of the breadmaker's sales continues to be led by the pastry family, which generates 55% of its turnover, by 43% of the bread range, plus the 1% contributed by its pastry references and the 1% that generates the 'Friart' range of V Gama products. On the other hand, its Ebitda reached 95 M€, which represents a growth of 6%, while the volume of business generated in third markets would already reach 40% of the total.

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