1999-02-08

Industri Kapital acquires Continental Bakeries

Industri Kapital has acquired Continental Bakeries, the Continental European biscuits division of Hillsdown Holdings plc. Industri Kapital intends to develop the business via internal growth and acquisitions to bring the company to the stock exchange in the next five years.

Continental Bakeries is a leading biscuit manufacturer and distributor with a turnover of EUR 123 million (NLG 271 million) in 1997. The operating profit pre-exceptionals was EUR 7.2 million (NLG 15.9 million). The group manufactures mainly private label or equivalent products out of its eight sites in the Netherlands, Germany and Belgium but is more widely known for its smaller branded products business: Haust toasts, Pirou chocolate wafers and Bussink honey cake.

"Continental Bakeries has historically grown via acquisitions. We can now accelerate that process, which is very positive", says Jan Timmer, Group Managing Director.

The head-office will remain in Barendrecht outside Rotterdam in the Netherlands. The acquisition also means that Hagemann, the German distribution arm, becomes a 100% owned subsidiary; the founding family is selling its remaining 40% stake.

Industri Kapital is a leading Continental European private equity fund with equity capital under management in excess of one billion Euro. Since 1989 more than 25 investments have been made in Scandinavian, Benelux and German companies in various industries. The fund investors are mainly well-known European institutional investors. Previous investments in the Benelux include Pieters (fish processor based in Brugge), Amas (specialised forwarder based in Amsterdam) and MSC Metsa Specialty Chemicals based in Nijmegen.

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