Private equity firm 3i has announced that Panelto Foods, an Irish bakery group specialising in bake-off artisan breads, is to join European Bakery Group, establishing a UK and Ireland platform within the pan-European bakery group.
European Bakery Group was formed in May 2023 through the combination of Dutch Bakery, a bakery group specialising in home bake-off bread and snack products, and coolback, a German-based bakery group specialising in bake-off bread.
Key Pillars
3i said the enlarged group will benefit from a complementary product assortment and customer base across Europe.
The company said Dutch Bakery, coolback and Panelto Foods will be key pillars of its European Bakery Group going forward.
"The combination of coolback, Dutch Bakery and Panelto Foods firmly establishes a high-quality pan-European platform in the fragmented European private label market for bake-off bread, which has been at the core of our original investment thesis," said Bastiaan Peer, partner at 3i.
"With Panelto Foods, European Bakery Group further expands its footprint, diversifies its customer base, and further strengthens the platform for continued organic as well as inorganic growth," Peer added.
Panelto Foods
Panelto Foods is based in the UK and Ireland and produces pre-packed thaw and display rolls, bake-off sandwich breads and rolls, and bake-off loaves as well as baguettes.
"We are delighted to be joining European Bakery Group," commented Brian O’Grady, CEO Panelto Foods.
"Together, we will be able to reach new markets, capitalise further on the growth opportunities within the UK, Ireland and Europe and benefit from the size and scale of the combined platform."
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.
