PARIS — Biscuit International, a private label baker based in Paris, has reached an agreement to acquire Dan Cake Portugal, a producer and distributor of biscuits and cakes in Portugal and a leader in the butter cookies market. Financial terms of the transaction were not disclosed.
Founded in 1978, Dan Cake Portugal is a family-owned Portuguese company headquartered in the region of Coimbra. The company operates two plants in Portugal, in Lisbon and Coimbra, has 500 employees and generated annual revenues of more than €55 million in 2020.
The acquisition will reinforce Biscuit International’s position as a major player in the European private label biscuit market. Additionally, both companies will benefit from enhanced commercial, product development and supply chain resources, allowing the combined group to better serve the growing and increasingly complex needs of their customers.
“The proposed acquisition of Dan Cake Portugal is a win-win situation for both companies,” said Giampaolo Schiratti, chief executive officer of Biscuit International. “Dan Cake Portugal is a very well-established company and a strong player in the butter cookies market. It would be an excellent addition to Biscuit International Group, both in terms of product portfolios and geographical coverage. It marks an important milestone in our pursuit to enhance the breadth of our high-quality product portfolio for the benefit of our customers and their consumers. We look forward to investing further in the business and helping Dan Cake Portugal to implement the considerable growth potential our international markets are offering.”
Kantilal Jamnadas, majority owner of Dan Cake Portugal, added, “The acquisition by Biscuit International is an exciting development for Dan Cake Portugal, a clear and established leader in the market. In Biscuit International, we have found a sound and experienced partner, allowing Dan Cake Portugal to reinforce its local lead and expand its international position. Biscuit International’s management team have a solid track-record of acquiring and successfully integrating family-owned businesses such as Dan Cake Portugal, taking them to the next growth step. I am therefore convinced that this transaction will allow Dan Cake Portugal to enter a positive phase of its development for the benefit of our organization and our teams, our products, our clients and our customers.”
Dan Cake Portugal’s current management team, led by Mitesh Kantilal Jamnadas, CEO, and Virgílio Gonçalves Vitorino Alves, chief financial officer, will continue to manage the company and assist Biscuit International with the successful integration of the two businesses following the completion of the transaction.
Since its 2016 inception, Biscuit International has increased its presence in Europe through a slew of acquisitions, which include A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel & Co and Aviateur in The Netherlands and Arluy in Spain. Biscuit International was acquired in February 2020 by Platinum Equity, a Los Angeles-based investment firm, from Qualium Investissement.