Houlihan Lokey Advises IDAK Food Group

Houlihan Lokey is pleased to announce that IDAK Food Group (IDAK), a portfolio company of TowerBrook Capital Partners, has entered into exclusive negotiations to acquire Onoré (formerly known as Boncolac) from Waterland Private Equity. The transaction is expected to be completed in the first half of 2026, subject to regulatory approvals.

Headquartered in Toulouse, Onoré is broadly diversified in the French and U.K. markets and has been well established among its customers for decades. It operates five company-owned production sites in France and two in the U.K., where it produces high-quality frozen bakery products, snacks, Cornish pasties, pastries and desserts. The company mainly supplies national and international catering companies, but also the retail trade. In France, Onoré includes Boncolac (baked goods and snacks), Mag’M (premium macarons), and So Mochi (premium mochi ice cream), and in the U.K., it includes Proper Cornish (Cornish pasties and puff pastry specialities) and Cakesmiths (homemade cakes for cafés). The company employs more than 1,000 people and generated sales of over EUR 220 million in 2025.

IDAK is a Switzerland-based specialist in premium frozen food, operating in three diversified pillars, including KADI (finger food and potato snacks), Margherita and Gusto Sorrento (pizza and snacks), and Romer’s (baked goods and patisserie). Acquired by TowerBrook Capital Partners in 2024, IDAK serves both the branded and private label segments, with Switzerland, Germany, Italy, and France representing its largest markets. In 2025, IDAK employed approximately 1,300 people and generated sales of more than CHF 330 million.

With the strategic acquisition of Onoré, which marks a significant milestone in the company’s history, IDAK is expanding its baked goods and patisserie category, and, at the same time, making inroads into the key European markets of France and the U.K. In this way, IDAK, with its companies in Switzerland and Italy, will establish itself as a European leader in the premium frozen food sector.

Houlihan Lokey acted as the financial advisor to the shareholders of IDAK. This transaction reinforces Houlihan Lokey’s strong track record in the frozen bakery and frozen food sectors and demonstrates its leading capabilities in executing landmark cross-border transactions. Houlihan Lokey has previously advised on the sales of Don Don to Grupo Bimbo, European Convenience Food to Lambert Dodard Chancereul Group, La Rocca to Sammontana, Monbake to CVC Capital, and both Dolciaria Acquaviva and Banneton Bakery to Vandemoortele.

RELATED: Consumer, Mergers & Acquisitions