SWITZERLAND – Emmi Group, a leading Swiss dairy manufacturer, has announced its plan to acquire the French Mademoiselle Desserts Group, renowned for its innovative premium patisserie, for an enterprise value of US$974.38 million.
The acquisition, framed as a “put option” agreement, aims to expand Emmi’s market presence in the premium desserts category.
The proposed transaction will bolster Emmi’s dessert portfolio by incorporating French-inspired desserts from Mademoiselle Desserts. Last year, Mademoiselle Desserts generated annual sales of nearly €420 million (US$454.7 million).
Ricarda Demarmels, CEO of Emmi Group, commented, “We aim to unite the ‘savoir-faire’ of French dessert-making and patisserie from Mademoiselle Desserts with the dessert creations of our passionate ‘pasticceri’ and innovative American and Latin-inspired desserts from Italy and the US under the Emmi Group umbrella.
This strategically important step would allow us to exploit the global growth opportunities in the premium desserts category and further our portfolio transformation.”
The completion of this transaction is contingent upon consultations with Mademoiselle Desserts’ relevant employee representative bodies and approval by competition and regulatory authorities.
The premium dessert business currently constitutes 9% of Emmi Group’s total sales. The company is leading in the European dessert market, with twelve production facilities spread across France, the UK, the Netherlands, and Belgium.
The acquisition of Mademoiselle Desserts Group is expected to enhance Emmi’s portfolio by adding French-inspired desserts and strengthening its range of Anglo-Saxon-inspired cakes and desserts.
Didier Boudy, the CEO of Mademoiselle Desserts Group, is set to oversee the newly formed Emmi “desserts powerhouse.” This integration will combine Mademoiselle Desserts Group with Emmi’s existing dessert companies in Italy and the US to drive the strategic development of Emmi’s dessert business.
The acquisition aligns with Emmi’s growth strategy, with an implied EBITDA multiple lower than Emmi Group’s current multiple. Mademoiselle Desserts Group’s sales growth and operating margins are reported to be “above average” compared to Emmi Group’s.
Emmi anticipates medium-term growth synergies post-acquisition, potentially increasing the strategic premium desserts niche to about 17% of its total sales.
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