Houlihan Lokey Advises Banneton Bakery

Houlihan Lokey’s Consumer, Food & Retail Group is pleased to announce that Banneton Bakery LLC (Banneton), a portfolio company of Encore Consumer Capital, LP (Encore), has sold a majority stake to Vandemoortele NV. Financial details of the transaction were not disclosed. The transaction closed on April 8, 2024.

Banneton is a leading manufacturer of premium freezer-to-oven croissants, danishes, and other pastries in North America. Banneton was founded in 2008 in Swedesboro, New Jersey, by Victor and Alex Litinetsky. Banneton is known for baking premium, clean-label products with great taste, highly consistent quality, and visual appeal. Victor and Alex Litinetsky will stay invested in the company and continue to lead its day-to-day business activities after closing.

Encore is a private equity investment firm focused on the consumer products industry. Encore has raised more than $900 million in committed capital and invested in over 40 companies in the sector. Encore’s current and prior investments include food and beverage manufacturers and marketers, pet products companies, personal care/beauty companies, and food distribution companies. The firm targets companies with between $10 million and $150 million in annual revenues where Encore’s strong expertise in strategy development, brand marketing, manufacturing and supply chain optimization, and distribution expansion can drive performance.

Vandemoortele is a family-owned, leading European food group that produces and sells high-quality food products with a focus on sustainability from ingredient sourcing to product packaging and shipment. Founded in Izegem, Belgium, in 1899, Vandemoortele concentrates on two categories: bakery products and plant-based food solutions. The Vandemoortele group has a presence in 12 European countries and in the United States, with an office in New York. The Vandemoortele head office is located in Ghent, Belgium.

Houlihan Lokey served as the exclusive financial advisor to Banneton and assisted in structuring and negotiating the transaction on its behalf. This deal represents another successful transaction for Houlihan Lokey in the consumer, food, and retail space.