Vandemoortele acquires Italian frozen bakery Lizzi
BELGIUM – Belgian bakery business Vandemoortele has acquired Lizzi, an Italian producer and distributor of frozen bakery products, from Forno d’Asolo.
The companies did not disclose the financial terms of the deal as it is still in discussion, and is expected to be concluded in the coming weeks, according to a statement from Vandemoortele.
“Along with Dolciaria Acquaviva in our group, this strategic acquisition further reinforces our presence in the Italian market, in line with our vision of providing exceptional products and experiences to our customers,” Yvon Guerin, Vandemoortele CEO, said.
Commenting on the Lizzi takeover, Peter Boone, Vandemoortele bakery products managing director, said that the company will be able to offer their Italian customers an even wider range of speciality pastries and breakfast pastries, artisan breads, pizza and focaccias, covering the whole of Italy.
Founded in 1899 in Izegem, Vandemoortele manufactures and sells frozen baked goods and plant-based foods. For the year ended on 31 December 2023, Vandemoortele posted a revenue of €1.92B (US$2B).
The company operates in 12 countries across the EU, the US, and Asia. The company also operates several production plants across Italy, including sites in Genoa, Ravenna, and four Acquaviva facilities.
The company reported revenue growth across its business lines and improved net profit by 5.7% despite an uncertain economic scenario and ongoing geopolitical tensions in 2023.
Vandemoortele’s Italian operations include brands such as Agritech (bread), Lanterna (focaccia and pizza), Acquaviva and Banquet d’OR (croissants), Doony’s (donuts), and Patisserie du Chef (pastries).
Lizzi has a portfolio of brands offering sweet and savoury pastries, patisserie, bread, pizza, and focaccia.
Its product line-up includes Lizzi pastry specialities, Forno della Rotonda’s sourdough breads and focaccia, and Spar’s natural breads and Piedmontese specialities.
In the statement announcing the acquisition, Vandemoortele said Lizzi has an annual turnover exceeding €70m (US$73.4m) and employs over 240 people.
The frozen bakery maker operates four production plants in Northern Italy, located in Assago, Caronno Pertusella, Sommariva, and Monticello. The company distributes its products through both the HoReCa channel and large-scale retail.
In June 2024, Vandemoortele acquired Dolciaria Acquaviva from Apheon, a pan-European mid-market private equity firm and from the Acquaviva family. The acquisition fortified its position as a key player in the Italian frozen bakery market.
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