MILCAMPS acquired by POPPIES BAKERIES

By acquiring the Milcamps brand and its dedicated manufacturing facility in Dour, which generated a turnover of €16M in 2024, Poppies Bakeries takes full control of the waffle division previously owned by Jacquet Brossard. Executed through the buyer's subsidiary, Polcaf NV, this carve-out transaction officially transfers ownership of the Belgian production site from the French cooperative group Limagrain to the expanding family-owned bakery specialist. The definitive agreement, finalized in September 2025, allows the acquiring entity to aggressively strengthen its market share within the premium waffle category, both domestically and across international markets. For the seller, directed by CEO Alexandre Raguet, the divestiture forms part of a broader strategic realignment designed to shed peripheral activities that require distinct industrial and commercial expertise. By offloading this specific asset, Jacquet Brossard intends to concentrate its capital and operational resources exclusively on its core, high-value verticals, namely specialty breads and elaborated pastries. Conversely, the buyer integrates a highly complementary industrial asset that aligns seamlessly with its existing infrastructure and distribution channels. The transaction acts as a major catalyst for the acquirer's consolidation strategy, directly expanding its manufacturing capabilities without the need for greenfield factory construction. Spayne Lindsay & Co. acted as the exclusive financial advisor to the acquiring group throughout the transaction process, ensuring the successful execution of this cross-border carve-out. The integration phase will focus on merging the newly acquired Dour facility into the acquirer's extensive European network, optimizing production synergies, and scaling the distribution of the target's authentic regional recipes through the buyer's established commercial pipelines across more than sixty countries. This operation highlights the ongoing consolidation within the European industrial bakery sector, driven by a growing need for extreme specialization.