Houlihan Lokey Advises English Bay Batter L.P.

Houlihan Lokey is pleased to announce that English Bay Batter L.P. (English Bay), a portfolio company of Kilmer Van Nostrand Co. Limited, has been acquired by Cerelia SA (Cerelia), a portfolio company of IK Investment Partners (IK). The transaction closed on March 31, 2017.

Founded in 1983, English Bay is a producer of refrigerated dough and other finished baked products, including cookies, croissants, muffins, and brownies. Based in Vancouver, British Columbia, the company employs 430 people across five industrial sites in Vancouver; Toronto, Ontario; and Columbus, Ohio. English Bay has developed long-term commercial relationships with clients across retail, in-store bakery, and foodservice channels.

Cerelia is the European leader in the production of ready-made doughs and pancakes, with sales of over €300 million in 2017. Cerelia offers a large range of products: rolled dough, pizza dough, pastries, crepes, and pancakes. Cerelia has launched an organic line and also offers gluten-free and lactose-free products. Cerelia's products are commercialized under its clients' brands, both retail and industrial, as well as under its own brands: Croustipate, Jan, Pop Bakery, and Creapan, in particular.

Kilmer Van Nostrand Co. Limited is the investment holding company of Toronto businessman Larry Tanenbaum. Kilmer's investment focus is on quality platform investments in a variety of industries with excellent prospects for long-term growth while partnering with strong management teams.

IK is a pan-European private equity firm investing across Northern Europe, the DACH region (Germany, Austria, and Switzerland), France, and Benelux. Since 1989, IK has raised over €9 billion in capital and invested in over 100 companies in Europe. IK invests alongside management teams in midsize companies benefitting from strong growth potential and operating in four core sectors: services, care, industrial goods, and consumer goods.

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