Vandemoortele, a Belgium-based baker, has recently acquired a majority stake in New Jersey-based Banneton, marking its first manufacturing presence in the US. Banneton, known for producing croissants and pastry products, was previously owned by private-equity firm Encore Consumer Capital and founders Victor and Alex Litinetsky. The duo will remain shareholders and continue managing the business under Vandemoortele’s ownership.
“This transaction represents a historic milestone for Vandemoortele, as we establish our first production platform in the US,” said Vandemoortele chairman Jean Vandemoortele.
Banneton’s operations align well with Vandemoortele’s business in North America, focusing on quality and authentic European-style pastry products, according to Yvon Guerin, the CEO of Vandemoortele. Victor Litinetsky, Banneton’s president, expressed excitement about the partnership, citing the company’s strong manufacturing capabilities in the US and value proposition to customers.
Vandemoortele’s business spans bakery products and plant-based food solutions, including margarines, fats, and sauces. In 2023, the company reported annual revenue of €1.93bn ($2.06bn), up from €1.74bn in 2022. Profit from operations increased to €141.5m from €97.9m the previous year, with a net profit of €109.3m compared to €71.2m in 2022.
With 29 production sites in Europe and exports to over 70 countries, Vandemoortele’s main markets include France, Germany, and Belgium. The company continues to expand its global footprint and strengthen its position in the food and beverage industry.
