CSM Bakery Solutions to sell BakeMark business to Pamplona Capital Management
Global bakery ingredients provider CSM Bakery Solutions has signed an agreement to sell its BakeMark business to Pamplona Capital Management.
Financial details of the deal have not been disclosed.
The sale of BakeMark is said to be in line with CSM’s strategy to focus on its core business in Europe and North America.
CSM president and CEO Marianne Kirkegaard said: "We have always had a great appreciation for the value of the BakeMark business, but this sale will help us support our goal of further strengthening our core business in Europe and North America by focusing on our value added bakery products and ingredients portfolio.
"Under Pamplona's ownership, BakeMark can further strengthen its strong position and reputation as the industry's supply and distribution market leader in North America."
BakeMark manufactures a complete line of ingredients such as bakery mixes, fillings, icings and glazes through its brands that include Westco, Trigal Dorado, BakeSense, BakeQwik and C'est Vivant.
Pamplona Capital Management partner William Pruellage said: "BakeMark is a market-leading speciality distribution platform, serving as the premier bakery ingredient supplier in North America.
“We believe BakeMark is well positioned to succeed as a standalone entity and capitalise on new growth opportunities.
“We look forward to supporting Jim Parker, the president and CEO of BakeMark, and the rest of the company's exceptional management team to build on its long history of providing trusted and valuable service to the food industry.”
The BakeMark acquisition is being made from Pamplona's fifth private equity fund, Pamplona Capital Partners V, which is a $3.4bn investment unit.
Barclays served as the financial adviser while Goodwin Procter LLP provided legal advice to Pamplona.
The transaction was facilitated by M&A advisory firm Harris Williams & Co., and Sullivan & Cromwell LLP provided legal advice to CSM.