Catalan bakery giant Europastry has acquired Dutch frozen bakery company De Groot Edelgebak, continuing its expansion in Europe.
This latest deal is expected to boost Europastry’s revenue by €16.5 million, taking its total revenue to over €1 billion.
De Groot Edelgebak boasts a portfolio of 2,000 customers in the bread, pastry, and cake market and aims to achieve a turnover of €16.5 million in 2024.
This is the fourth acquisition for Europastry in the past two years. One of its significant deals was the purchase of a 94.7% stake in German company DeWiBack, which specialises in frozen doughs for the hospitality and catering industry.
Berlin-based DeWiBack contributes €110 million in sales, has 5,000 customers, and employs 400 people.
In 2022, Europastry snapped up Dawn Foods in a deal that added two production facilities in the Netherlands and the UK.
Europastry
The latest M&A activity comes shortly after Europastry decided to pull its planned IPO indefinitely after it encountered unfavourable market conditions during the fundraising process.
In June of this year, the family-owned company announced plans to pursue an IPO on the Spanish domestic market, aiming to list its shares on the Barcelona, Bilbao, Madrid and Valencia stock exchanges.
Europastry operates 27 production sites and has a presence in 80 countries. The company is active in the Netherlands with three production facilities located in Oldenzaal, Beuningen, and Steenbergen.
The company closed 2023 with an annual sales growth of 20%, to €1.35 billion, and EBITDA increasing to €205 million. Geographically, the Iberian market remained the company’s primary revenue driver, contributing approximately 55% to its overall turnover.
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