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The deal creates a group with revenues in excess of €900m, producing about 300,000 tons of biscuits, waffles and bread replacement products from 33 factories in Europe

Biscuit International (BI) has acquired Continental Bakeries for an undisclosed sum as the PE-owned group strengthens its position as one of the biggest players in the European private label biscuit market.

Continental Bakeries makes private label sweet biscuits, bread replacements and toast at 13 factories across the Netherlands, Belgium, Germany, Poland and Sweden, employing more than 2,300 staff.

It has been backed by majority shareholder Goldman Sachs Asset Management since 2016.

Paris-headquartered BI, owned by Platinum Equity, said the proposed acquisition and integration was “a transformational and strategic transaction” for the group and a key milestone in its roadmap.

The combination will allow BI to significantly increase its presence in major European markets through “a highly complementary” product portfolio and geographical footprint.

The enlarged group will employ more than 4,500 staff and will generate consolidated revenues in excess of €900m (£759m), producing about 300,000 tons of biscuits, waffles and bread replacement products from 33 factories in Europe.

CEO Giampaolo Schiratti said the deal was “a game changer”.

“We look forward to unlocking further synergies and market opportunities to reveal the full potential of this combination.”

Platinum Equity MD Igor Chacartegui added: “The acquisition will also allow Biscuit International to diversify its product portfolio for existing and future customers, while continuing to innovate for the development of healthy and eco-friendly products.”

Continental Bakeries CEO Pierluigi Tosato said: “The combination will enable us to broaden our product portfolio, deepen our international presence across Europe and enhance our customer offering. We look forward to entering a new phase in our development as an organisation and working together with the Biscuit International team to plan for, and following closing, ensure a successful integration.”

Biscuit International was advised by Houlihan Lokey, Latham and Watkins, Alvarez & Marsal, OC&C Strategy Consultants and Brunswick Group. Continental Bakeries was advised by Rothschild & Co.