LEMBEKE, BELGIUM — Lotus Bakeries has reached an agreement to acquire Peter’s Yard, a Shrewsbury, England-based maker of sourdough crackers and crisps. Financial terms of the transaction were not disclosed.
Founded in 2008 by longtime friends Ian Tencor and Wendy Wilson-Bett, Peter’s Yard’s products are created from an original Swedish recipe using a 45-year-old sourdough starter. In addition to sourdough crackers and crisps, Peter’s Yard makes flatbread and sourdough bites. The company said its sales have doubled over the past three years and now total approximately £6 million ($7.4 million).
Lotus acquired a 20% stake in Peter’s Yard in 2019 via its venture capital vehicle, Fast Forward 2032. In taking on a 100% stake in Peter’s Yard, Lotus said it plans to take the business “into the next phase.” Following completion of the transaction, Lotus said Peter’s Yard will become part of the Lotus Natural Foods business under the leadership of Isabelle Maes as chief executive officer. Meanwhile, Mr. Tencor and Ms. Wilson-Bett, currently joint managing directors of Peter’s Yard, will hand over all operational responsibilities to Jean-Baptiste Robert.
“We have a lot of respect for Wendy, Ian and the whole Peter’s Yard team for what they have achieved so far, and it has been a real pleasure to work with them over the last years,” Ms. Maes said. “With the addition of Peter’s Yard’s delicious sourdough products to the Lotus Bakeries family, we further strengthen our position in the UK and venture our first steps into the savory snacking category. Building on the strong heritage of the brand, we strongly believe that we can leverage the capabilities and expertise of Lotus Bakeries to further accelerate the growth of Peter’s Yard.”Mr. Tencor and Ms. Wilson-Bett added, “We chose FF2032, and therefore Lotus Bakeries, as a minority investor in 2019 because of their complementary capabilities and similar values, which would help us to grow the brand profitably. Since then, this partnership has enabled us to grow faster, and it has been a pleasure to together with Lotus. Our focus was always on finding a long-term partner for the brand, which convinces us that Peter’s Yard has now found an excellent home within the Lotus Bakeries Group brand portfolio.”