PARIS — Private equity firm Ardian has acquired Cerelia from the IK VII Fund. Terms of the transaction were not disclosed.
Headquartered in Paris, Cerelia has a broad baked foods portfolio, including ready-to-bake pie and pizza dough, pancakes, crepes and cookies. The company has more than 1,600 employees at 12 facilities located across Europe and North America. Its products are sold in more than 50 countries and generate nearly €500 million ($555 million) in revenue.
Cerelia was formed in 2012 through the merger of Alsacienne de Pâtes Menageres and Eurodough (the former Sara Lee International Bakery division). The company expanded in Europe through the 2015 acquisition of de Bioderij, a provider of pancakes and crepes, and later broadened its presence in the United Kingdom and North America with the acquisitions of Bakeaway in 2016 and English Bay Batter in 2017. The company also has a meaningful presence in the private label segment.
“The Cerelia team is delighted to begin this new chapter in the company’s development, and we thank the IK team for their support and guidance over the last five years,” said Guillaume Reveilhac, founder and chief executive officer of Cerelia. “Together we have dramatically grown Cerelia to become a leader in the European bakery segment. We are excited to partner with Ardian as the team has a strong collaborative approach, a core skill set and an extensive network. We were also convinced by Ardian’s primary business philosophy, a set of values that we also share. Our common goal is founded on two aspects: first, strengthen our position on our core-business — refrigerated dough, crepes and pancakes — and second, invest in expanding into adjacent segments and extending our geographic reach.”
Thibault Basquin, head of Americas investments for the Ardian Buyout Fund, said the private equity firm will seek to accelerate Cerelia’s growth in Europe and North America.
“Its undisputed market position in Europe, quality of customer relationships and history of growth reflect the strength of the management team, the employees and the overall commitment to a culture of excellence,” Mr. Basquin said. “In particular, Ardian is excited to partner with Guillaume Reveilhac and Walter Kluit to drive Cerelia’s organic growth and acquisition strategy. We firmly believe that the company’s innovative products, use of technology and sustainability initiatives make Cerelia a leader in the bakery category.”
Cerelia is the seventh investment for Ardian’s buyout team in 2019. The firm also has invested in Palacios, a Spanish manufacturer of food products and chilled ready meals.