The Bielefeld, Germany-headquartered Oetker Group has acquired Diversi Foods NV, a Belgian producer of frozen baked goods including bread, rolls, puff pastry and snacks. The East Flanders-based company has manufacturing subsidiaries in the Netherlands, UK and Poland as well as in Belgium. It employs more than 1,000 people and rang up sales topping €150 million last year.
The price of the transaction, which came within days of the Oetker Group’s sale of its shipping activities on December 1, was not disclosed. The purchase agreement is expected to be finalized early in 2018, following review by cartel authorities.
The deal was sealed by representatives of the Martin Braun Group, which is responsible for large-scale baking activities within the Oetker Group, and Diversi Foods’ stockholders, among them the founding families and Waterland Private Equity.
The Martin Braun Group, which has approximately 1,700 employees and generated €350 million in turnover during 2016, makes frozen baked goods through its Wolf ButterBack unit. The operation specializes in producing a wide assortment of croissants and sweet pastry products sold primarily to customers in Germany, Austria and Italy.
“By integrating Diversi Foods we will significantly expand the products and services offered by the Martin Braun Group. Moreover, this acquisition is a clear statement that the Oetker Group maintains its strategic course of expansion,” said Dr. Albert Christmann, general partner of Dr. August Oetker KG.
In welcoming the merger, Dirk De Pandelaere and Franky De Grave, managing directors of Diversi Foods, jointly stated: “We have found an ideal partner for strong expansion.”
Founded by Robert Huygh in 1989 as a producer of both frozen bake-off and non-frozen products, the company has evolved into a major supplier private label baked goods to retail and foodservice sectors. Its range is exported throughout Europe as well as further afield to clients in the USA, UAE and Thailand.