Spain-based food manufacturer Adam Foods has acquired biscuit manufacturer Dr. Gerard from the Bridgepoint investment fund.
The terms of the deal, which was finalised yesterday (5 October), were not disclosed.
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Dr Gerard, which has been owned by Bridgepoint since 2013, generates a turnover of €130m ($137.5m) and employs 1,100 staff. The company has two factories in Poland and runs subsidiaries in Hungary and Romania.
When Bridgepoint acquired Dr Gerard a decade ago, the company had three plants and employed 950 workers.
By contrast, Adam Foods has ten plants: eight in Spain and two in Portugal. It has 1,400 employees and generates a turnover of €350m. The group’s product range also takes in cakes, broths, honey and pâtés. Its brands include Artiach biscuits, Aneto broths and Granja San Francisco honey.
Both companies point to the international reach of their products. Dr Gerard says it ships to 50 markets, Adam Foods to 75.
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By GlobalDataIn a statement, José Manuel Faría, the CEO of Adam Foods’ biscuits business, described the acquisition as “an important step in the development of our international activities”.
Faria added: “It will provide us with great opportunities for growth and innovation, and above all it will help everyone produce better and better biscuits based on innovative, tasty ingredients and recipes adapted to market trends.”
Jarosław Zawadzki, president of Dr. Gerard, said the sale of the business was “a great opportunity for our company”
He added: “We are joining a group with strong foundations and a long tradition in Europe while maintaining flexibility, dynamics and passion for quality that characterises both Dr. Gerard and Adam Foods.”
