Boncolac, the French food conglomerate, has acquired yet another British company by securing the foodservice supplier Cakesmiths.
The transaction, sealed for an undisclosed sum, was announced in conjunction with Boncolac’s new corporate name – Onoré. Bristol-based Cakesmiths specializes in supplying sweet and savory snacks to coffee shops in the UK and directly to customers online.
Onoré currently possesses two UK enterprises. In 2022, the company acquired the macaron supplier Mag’M. Earlier this year, it secured the savoury-pastry business Proper Cornish. Since 2022, Waterland Private Equity has held the majority ownership of the group.
A representative from Waterland Private Equity stated that Onoré is acquiring the complete ownership of Cakesmiths, with the entire management team of Cakesmiths reinvesting significantly into Onoré. The details of this investment have also not been disclosed.
As per a statement issued by Waterland Private Equity, Onoré’s annual sales are approximately €200 million ($219.4 million).
In the statement, Onoré CEO Alexandre Vigneron said, “Our ambition is to be the reference manufacturer of frozen specialty food for pastries and snacking products worldwide.”
A year and a half ago, LDC, the investment branch of the UK’s Lloyds Banking Group, made a substantial investment in Cakesmiths. As part of its arrangement with Onoré, LDC is now divesting. LDC stated that Cakesmiths achieved a remarkable “164% increase in revenue and a 260% rise in EBITDA over a two-year span” since the initial investment, though specific details were not disclosed. During this period, Cakesmiths expanded its workforce from 110 to “over 200,” according to LDC.
Cakesmiths CEO Chris Ormrod, who is to stay in his role, said: “Demand for our amazing cakes shows no sign of slowing and we’re now perfectly positioned to share them with more people around the world as part of Onore.”
