Platinum Equity Acquires Biscuit International
LOS ANGELES, Feb. 14, 2020 /PRNewswire/ -- Platinum Equity today announced the acquisition of Biscuit International, a leading European manufacturer of private label sweet biscuits.
Headquartered in Paris, Biscuit International employs approximately 1,900 people and generated sales in excess of €500m during the last 12 months, of which approximately two-thirds came from outside France.
The company markets a wide range of products with a European or local presence, including traditional biscuits and a growing portfolio of products for consumers with specific dietary requirements (organic, low-calorie, sugar-free, gluten-free, milk-free and other categories).
"Biscuit International has an exceptional portfolio and a well-deserved reputation for high-quality products," said Platinum Equity Partner Louis Samson. "We support the company's plan to continue expanding its offering and its international reach, both organically and through additional add-on investments. We look forward to working with the management team to optimize the platform and maximize operational performance throughout the business."
Biscuit International was created in 2016 by the merger of Groupe Poult and Banketgroep and grew through the acquisitions of A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel & Co and Aviateur in the Netherlands, and Arluy in Spain.
Platinum Equity's acquisition of Biscuit International is the latest example of the firm's increasing momentum in Europe and its ability to execute both large and small cap transactions.
In January, Platinum Equity announced a definitive agreement to acquire Pescara, Italy-based wine producer Farnese Vini. Last year the firm acquired Genoa, Italy-based global marine contractor De Wave Group and Pontevedra, Spain-based seafood provider Iberconsa.
The firm also previously acquired Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson & Johnson for $2.1 billion and Wyndham's European vacation rental business for $1.3 billion.
Rothschild & Co served as financial advisor to Platinum Equity on the acquisition of Biscuit International. Latham & Watkins served as Platinum Equity's legal advisor on the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $19 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 250 acquisitions.
Dan Whelan, Platinum Equity
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SOURCE Platinum Equity