In September 2023, One Rock Capital Partners announced its agreement to acquire the snack business of Europe Snacks from Ajax Partners for an undisclosed sum. This strategic move has been in development throughout the year, indicating a solid investment in the food manufacturing sector.
Kurt Beyer, a partner at One Rock, expressed enthusiasm about the acquisition, stating: “We are extremely excited to welcome Europe Snacks to the One Rock portfolio. We look forward to collaborating with CEO Étienne Lecomte and management to build upon the company’s record of offering value, service, and innovation to its customers.”
Private Label Leadership
“Europe Snacks’ leadership in the private label market across key product categories and geographies is indicative of the value proposition the company offers to both retailers and brand owners.”
Headquartered in Paris, France, Europe Snacks specializes in the production of crisps, stacked chips, crackers, and various savoury snacks for the food retail market. Notably, the company not only creates own-label products but also serves as a co-manufacturing partner for branded firms aiming to expand their offerings within the European market.
Furthermore, Lukas Zeitlberger, a principal at One Rock, emphasized the company’s unique position in the industry, saying: “Europe Snacks is already differentiated in its position in the industry and the One Rock team is excited to continue the Company’s momentum in growing across products and channels.”
History of Acquisitions
In a notable move, Europe Snacks acquired Burts Snacks in March 2023. However, the acquisition came with challenges, as it set back the Devon-based crisp manufacturer by £1.1 million. Despite this, Burts reported a revenue increase to £97.4 million for the fiscal year ending January 2024, although it recorded a pre-tax loss of £5.18 million during this period.
The strategic report released by directors at Companies House revealed a positive outlook for Burts, characterizing it as being at an ‘exciting juncture.’ The report stated: “The acquisition has not only expanded our market reach but has also presented us with avenues for growth and development. As directors, we are keenly focused on maximizing synergies between our organizations to capitalize on these opportunities.”
