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We focus on local and international deals up to US$500 million in value across a wide range of sectors. Since the start of 2012 our partner firms have collectively completed over 230 deals, in 30 countries worldwide with an aggregate value of over US$17.5 billion.

Mergers Alliance launches Bakery and Pastry M&A update - Evolving consumer lifestyles driving M&A activity

13th November 2015

Global consumer trends for health, convenience and indulgence are driving growth in the mature bakery industry. Competition is high for those bakery manufacturers and retailers that can meet consumer preferences, with the major bakery manufacturers that need to access faster-growing niches paying attractive valuations for high quality assets.

Key conclusions from this report include:

Innovation is key to accessing consumer spending on bakery
In the mature US and European bakery markets, the fastest-growing brands are those specializing in healthier baked goods using high quality ingredients and which meet demand for innovation in ‘free-from’ and for food ‘on-the-go’. Large corporates are changing their products to match these trends and using acquisitions to access market leaders and accelerate growth in market share.

Asia is becoming a major market
Rising disposable income, urbanisation and the demand for western-style diets are supporting the growth in sales of baked goods and pastries in particular. China is set to become the second largest baked goods market
globally by 2020 with pastries the most popular segment. These markets are attractive to major corporates which see the potential for significant sales growth.

Major emerging markets players targeting leading brands in mature markets
Major emerging markets bakery manufacturers and brand owners which dominate their domestic markets are making strategic acquisitions of the market leaders, and often iconic brands, in more mature and sophisticated markets. Acquiring these brands enables diversification and gives these players access to stable cash flows and further growth opportunities.

Private equity has a successful record in the sector
Private equity (PE) is attracted to smaller, innovative manufacturers that have shown they can build loyalty, achieve high levels of product development and gain significant market share. PE is continuing to grow these businesses and is establishing a successful exit record, typically to strategic trade buyers.

mergers-alliance-bakery-pastry.pdf
Adobe Acrobat file - 4.9 mb

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