Martin Braun-Gruppe has signed a sale and purchase agreement with Waterland Private Equity Fund V for the acquisition of Diversi Foods

13-12-2017

Martin Braun-Gruppe has signed a sale and purchase agreement with Waterland Private Equity Fund V for the acquisition of Diversi Foods

On 6 December 2017, the Martin Braun-Gruppe, which consolidates the consumer baking activities within the Oetker-Gruppe, signed the contract to purchase the Belgian company Diversi Foods from a group of shareholders including the founding families and Waterland Private Equity Fund V. Subject to the approval of the relevant competition authorities, the deal is expected to be complete in the beginning of 2018. Both parties have agreed not to disclose the purchase price.

Diversi Foods is an established supplier of premium frozen bakery goods for foodservice and in-store bakeries. The company, headquartered in Belgium, has production sites in Belgium, the Netherlands, UK and Poland. The 1,000 plus workforce generates an annual turnover in excess of 150 million euros. The production is focused on specialty breads, rolls and snacks. Diversi Foods is well known for its high-quality innovative bake-off concepts with specialty bakery products, free from additives and with extended dough processing times.

With a current turnover in excess of 350 million euros and a workforce of more than 1,700 employees, the Martin Braun-Gruppe already offers premium frozen bakery goods through its Germany based subsidiary Wolf ButterBack. The operations of Wolf ButterBack are focused on Germany, Austria and Italy with a product range centered around croissants and sweet pastries, complimentary to Diversi Foods’ focus on bread specialties.

The two successful frozen food businesses intend to work closely together within the Martin Braun-Gruppe in the future, benefiting from each other's strengths yet each retaining their local structures and autonomy. The acquisition will ensure continuity with regards to employees, customers and suppliers. The existing management of Diversi Foods and Wolf ButterBack will continue to be responsible for their respective businesses.

Dr. Detlev Krüger, Chairman of the Board of Managing Directors of Martin Braun-Gruppe, sees significant benefits from the acquisition: “Diversi Foods and Wolf ButterBack represent an ideal combination both in terms of the countries and the products they focus on. In the future the Martin Braun-Gruppe will be able to offer the full range of premium frozen bakery goods across the European market, from croissants to bread rolls to various specialty breads and snacks. This acquisition will extend the range of products and services offered by the Martin Braun-Gruppe considerably.”

The management of Diversi Foods also emphatically welcomes the association with the Martin Braun-Gruppe. “We are very pleased to have found in the Martin Braun-Gruppe, and their existing frozen business through Wolf Butterback, the ideal partner for Diversi Foods to continue our growth trajectory in the future”, confirm Dirk De Pandelaere and Franky De Grave, Diversi Foods’ two executive directors.