The French frozen pastry specialist has additionally made one other UK acquisition, snapping up Cakesmiths for an undisclosed quantity.
Bristol-based Cakesmiths produces practically 100 kinds of artisan handmade muffins – from cinnamon rolls to restricted editions just like the Edinburgh Whiskey Bitter Cake – for espresso retailers across the UK, as nicely clients on-line.
In keeping with LDC, an funding arm of the Lloyds Banking Group, which had made a ‘important funding’ in Cakesmiths 18 months in the past, the cake producer has seen income improve by 164% since its funding.
“Demand for our superb muffins reveals no signal of slowing and we’re now completely positioned to share them with extra folks around the globe as a part of Onore,” added Cakesmiths CEO Chris Ormrod, who will keep in his function underneath the brand new Group.
Boncolac – a Waterland Personal Fairness portfolio firm – already owns two UK companies, having acquired macaron provider Magazine’M in 2022 and savoury-pastry enterprise Correct Cornish earlier this 12 months.
A connoisseur alliance
“Right this moment, our three firms come collectively underneath a brand new human and impressive group model,” mentioned the corporate in a press release.
The rebrand to the Onoré Group is underscored by an bold roadmap to develop into the European chief in frozen pastries and snacking merchandise.
By 2030, the corporate has pledged to:
Speed up the event of a portfolio that promotes cross-selling between its firms (the Group claims to already be a reference in quite a few specialities, together with lemon meringue tart, macaron, carrot cake and Cornish pastries.
Double gross sales exterior France and the UK within the subsequent 5 years. In keeping with a press release launched by Waterland Personal Fairness, Onoré’s annual gross sales are ‘near €200m ($219.4m)’.
Launch ever more healthy improvements for customers and the planet – particularly concentrating on a clear label and eco-design method. The corporate claims its product launches in lower than two years will exceed €25m in turnover in 2028.
Enhance its carbon footprint by investing in its factories to restrict the consumption of water and power. The 2030 goal is to scale back Scope 3 GHG emissions by 30%.
The French contact
“The creation of the Onoré model completes the development of the foundations of our Group,” mentioned CEO Alexandre Vigneron.
“It offers consistency and readability to our provide. Onoré underlines the standard of our merchandise, the excellence of our know-how with a French contact, which is a nod to our nation of origin.
“We goal to be the popular producer for meals specialties in pastry and snacking all through the world. To affirm this ambition, I’m delighted to welcome Cakesmiths to the Group and to announce that new leaders in pastries or snacking merchandise will quickly be part of us, for the pleasure of our clients and lovers of our merchandise.”
Based in 1955, Toulous-headquartered Boncolac Group at present has 4 factories in France, producing frozen catering and pastry merchandise which might be bought to the retail and foodservice channels in additional than 20 international locations.
