Context

Cérélia Group has acquired English Bay Batter from the Canadian investment holding Kilmer Van Nostrand. This transaction is a transformative step in Cérélia’s internationalization, shifting its revenue mix from 35% to 65% international (with North America representing a quarter of total sales). The acquisition was financed through a full debt refinancing of the group, covering 100% of the purchase price and allowing for an exceptional dividend payment to IK Investment Partners (representing 25% of the initial equity). Following the deal, the group’s leverage increased from 4.5x to 5.1x EBITDA. Pro-forma for the acquisition, Cérélia’s total turnover exceeds €400 million, solidifying its position as a global multi-specialist in the ready-to-bake and snack sectors.

Target

Founded in 1983, English Bay Batter is a major North American manufacturer of refrigerated and frozen bake-off products. The company specializes in gourmet cookies, muffins, and brownies, serving both the food service industry and retail channels. At the time of the acquisition, it was ranked as the fourth-largest player in its sector in North America. Its business model focuses on high-quality dough and batter formulations, operating multiple production facilities across Canada and the United States. Strategically, the company provides a strong platform for European food groups looking to enter the North American convenience baking market through established distribution networks and localized production capabilities.