San Francisco, California, April 8, 2024 – Encore Consumer Capital (“Encore”), a private equity firm that invests exclusively in food and consumer products, is pleased to announce a full exit of its investment in Banneton Bakery (“Banneton”) following the majority acquisition of Banneton by Vandemoortele, a leading European family-owned food group.
Banneton, founded in 2008 in Swedesboro, NJ, by father and son entrepreneurs Victor and Alex Litinetsky, is a manufacturer of premium freezer-to-oven croissants, danishes, and pastries. Banneton’s products can be found in supermarkets, club stores, and convenience stores across North America. Following the transaction, Victor and Alex will remain as investors in Banneton and will continue to lead day-to-day management of the company.
Scott Sellers, Managing Director of Encore Consumer Capital, said, “We feel very fortunate to have been partners with Victor and Alex Litinetsky.” Paul Rivenburgh, Director of Encore Consumer Capital, added, “Banneton’s proprietary manufacturing, innovative products, and commitment to quality resulted in growth that exceeded our expectations.”
“Encore partnered with us through an important growth stage at Banneton including plant expansion and customer expansion that positioned us to be bought by a strategic acquirer. While we will miss working with Encore, we are excited for the future of Banneton with our new partners at Vandemoortele,” said Alex Litinetsky.
Houlihan Lokey provided strategic and financial advisory services to Banneton. Ice Miller acted as legal counsel to Banneton.
ABOUT ENCORE CONSUMER CAPITAL
Encore Consumer Capital is a private equity investment firm focused on the consumer products industry. The firm has raised over $900 million in committed capital and invested in over 40 companies in the sector. Encore’s current and prior investments include food and beverage manufacturers and marketers, pet products companies, personal care/beauty companies, and food distribution companies. The firm targets companies with between $10 million and $150 million in annual revenues where Encore’s strong expertise in strategy development, brand marketing, manufacturing and supply chain optimization, and distribution expansion can drive performance.
www.encoreconsumer.com
ABOUT BANNETON
Banneton is a leading manufacturer of premium freezer-to-oven croissant, danishes, and other pastries in North America. Banneton was founded in 2008 in Swedesboro, NJ by Victor and Alex Litinetsky. Banneton is known for baking premium, clean-label products with great taste, highly consistent quality, and visual appeal.
www.bannetonbakery.com
ABOUT VANDEMOORTELE
Vandemoortele is a family-owned, leading European food group that produces and sells high quality food products with a focus on sustainability from ingredient sourcing to product packaging and shipment. Founded in Izegem, Belgium in 1899, Vandemoortele concentrates on two categories: Bakery Products and Plant Based Food Solutions. The Vandemoortele group has a presence in 12 European countries and in the United States, with an office in New York, New York. The Vandemoortele head office is located in Ghent, Belgium.
https://www.linkedin.com/company/vandemoorteleusainc/