CapVest-owned chocolate manufacturer Natra has continued its buy-and-build approach with the acquisition of Dutch peanut butter producer Bredabest for an undisclosed sum.
The move would create a “powerhouse in sweet spreads and confectionery, combining expertise, innovation and scale to better serve customers across Europe and beyond”, according to Natra.
Natra is one of continental Europe’s largest producers of hazelnut chocolate spreads, and the latest acquisition combines Bredabest’s expertise in peanut processing with its wider global platform and distribution network.
The deal was complementary to the group’s current product offerings and supported its ambitious international growth strategy, Natra added.
Founded in 1996, Bredabest makes peanut butter and value-added peanut ingredients, supplying 100% pure and natural spreads to retailers and branded players.
It operates two processing plants in the Netherlands with “significant” capacity for future growth.
CEO Pieter Stienen and managing partner Rainier van Rey, who co-founded Bredabest, will remain shareholders and continue to run the business.
Natra CEO Armando Santacesaria said: “Pieter and Rainier have built a fantastic business that is complementary to our business and aligns perfectly with Natra’s model.
“This exciting acquisition strengthens our ability to enhance our customer offering and accelerates our journey to becoming the preferred private label partner in snacking and indulgence.
“Looking ahead, Natra’s scale, global reach, and strong customer relationships will be transformational for Bredabest. We’re excited to welcome our new colleagues and work together to build on their impressive achievements and drive the growth of our combined business.”
Stienen added: “We are pleased to join forces with Natra, a strong long-term partner to take Bredabest into its next phase of growth. Natra’s global scale and complementary portfolio will unlock new opportunities while safeguarding the values and customer focus that have underpinned Bredabest’s success.”
London-headquartered CapVest bought Spain’s Natra in 2022 and has since added Belgian luxury chocolatier Gudrun to the group.
Natra makes chocolate bars, pralines, tablets and spreads for more than 90 countries worldwide. Its ingredients division also supplies a range of cocoa-based ingredients to the international food industry.
The company has more than 1,000 employees across six production plants in Spain, Belgium, France and Canada, with annual revenues of more than €400m.
Completion of the latest transaction is subject to conditions and regulatory approval.
Bredabest was advised by Squarefield, Vriman M&A Lawyers and PwC, while Natra was advised by Willkie Farr & Gallagher and KPMG.
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