SPAIN – Adam Foods, a Spain-based food manufacturer has announced the acquisition of Dr Gerard, a prominent Polish biscuit manufacturer from the Bridgepoint investment fund.
The terms of the deal, which was finalized on October 5 were not disclosed.
Adam Foods, known for its diverse portfolio of products including cookies, pâtés, honey, cakes, broths, and bread, has made a strategic move to strengthen its position in the European confectionery market.
According to the company, the acquisition is a significant step toward creating a pan-European cookie group, with an emphasis on innovation and production capabilities.
Adam Foods has ten plants: eight in Spain and two in Portugal. It has 1,400 employees and generates a turnover of €350m (US$369).
Therefore, the deal is set to amplify Adam Foods’ production capabilities, fostering innovation, and bolstering its market presence beyond Spain and Portugal.
Dr Gerard, which has been owned by Bridgepoint since 2013, generates a turnover of €130m (US$137.5m) and employs 1,100 staff. The company has two factories in Poland and runs subsidiaries in Hungary and Romania.
Both companies point to the international reach of their products bringing potential synergy between the two companies’ cookie portfolios.
In a statement, José Manuel Faría, the CEO of Adam Foods’ biscuits business, described the acquisition as “an important step in the development of our international activities”.
Faria added that the move will provide Adam Foods with great opportunities for growth and innovation, and above all it will help everyone produce better and better biscuits based on innovative, tasty ingredients and recipes adapted to market trends.”
Jarosław Zawadzki, president of Dr. Gerard, said the sale of the business was “a great opportunity for our company”
He added: “We are joining a group with strong foundations and a long tradition in Europe while maintaining flexibility, dynamics, and passion for quality that characterizes both Dr. Gerard and Adam Foods.”
The acquisition received the green light from the Competition and Consumer Protection Office, with Bridgepoint, Houlihan Lokey, and KPMG acting as advisors to the transaction.
The deal is expected to not only enable Adam Foods to leverage Dr. Gerard’s extensive distribution network but also to enhance its own production processes through shared best practices and operational efficiencies.