Belgian snacking giant Lotus Bakeries has agreed to acquire British artisanal sourdough crackers and crisps business Peter’s Yard.
The transaction, expected to close on 1 July, will see Lotus Bakeries acquire 100% of the shares of Peter’s Yard.
In July 2019, the Belgian snack company acquired a 20% stake in the business via its venture capital vehicle, Fast Forward 2032 (FF2032), which invests in brands and companies offering innovative products, technologies, or market approaches in the food and drinks sector.
Peter’s Yard has doubled its sales in the UK, to around £6 million (€6.9 million), over the past three years.
After the acquisition, Peter’s Yard will become part of the Lotus Natural Foods business, led by Isabelle Maes, the CEO of the unit.
Commenting on the deal, Maes, stated, “With the addition of Peter’s Yard’s delicious sourdough products to the Lotus Bakeries family, we further strengthen our position in the UK and venture our first steps into the savoury snacking category.
"Building on the strong heritage of the brand, we strongly believe that we can leverage the capabilities and expertise of Lotus Bakeries to further accelerate the growth of Peter’s Yard."
Upon completion of the deal, joint-managing directors of Peter’s Yard, Ian Tencor and Wendy Wilson-Bett, will hand over all operational responsibilities to Jean-Baptiste Robert, who will step in as the new managing director and report to Twan Thorn, managing director of Kiddylicious.
Peter’s Yard manufactures all its products in a bakery in the UK and follows an original Swedish recipe with a 45-year-old sourdough starter.
It offers a range of crackers, crispbreads and flatbreads that can be enjoyed as an alternative to bread or simply as a snack.
Tencor and Wilson-Bett said, “We chose FF2032, and therefore Lotus Bakeries, as a minority investor in 2019 because of their complementary capabilities and similar values, which would help us to grow the brand profitably. Since then, this partnership has enabled us to grow faster and it has been a pleasure to work together with Lotus.
"Our focus was always on finding a long-term partner for the brand, which convinces us that Peter’s Yard has now found an excellent home within the Lotus Bakeries Group brand portfolio."