January 30th, 2024 – UGGC Avocats advised Bristol-based British artisan cake manufacturer Cakesmiths on its acquisition by European bakery manufacturer Onoré Food Group (formerly known as Groupe Boncolac).
Cakesmiths supplies its award-winning range of cakes to customers throughout the UK via its online sales platform and direct relationships with leading independent coffee shops. The recent acquisition has also seen investor LDC (part of Lloyds Banking Group) exit the partnership after two years. During the partnership, Cakesmiths won contracts with prestigious customers, significantly improved its digital platforms to increase sales by 164% and EBITDA by 260%. The patisserie company has also invested heavily in recruitment, growing from 110 members of staff to more than 200 employees. At the time of the acquisition, Onoré was backed by private equity firm Waterland. This latest operation is designed to support its ambition to expand its international presence and become the European leader in frozen pastries and snacking products.
Legal advice
Cakesmiths was advised on the legal aspects of French law by UGGC Avocats with Ali Bougrine, partner, Carole Fouldrin, associate and Muriel Bernardin, associate. Cakesmiths was also advised on the legal aspects of English law by the British firm Trowers and Hamlins, KPMG (tax and M&A advice) and the British firm TLT.
On the financial aspects, Cakesmiths was advised by Momentum CF (management consultancy) and RSM Corporate Finance. Onoré was advised on the French legal aspects by Willkie Farr & Gallagher and on the English legal aspects by Hill Dickinson.