Vandemoortele secures US$118M in fresh financing to fuel global bakery expansion
The funds will be used to strengthen Vandemoortele’s capital framework and support its ongoing buy-and-build strategy.
BELGIUM – Belgian bakery and food group Vandemoortele has secured €100 million (US$118 million) in fresh funding to accelerate its international expansion and acquisition strategy, reinforcing its position as a leading player in Europe’s frozen bakery and plant-based food sectors.
The financing package, structured as mezzanine capital – a form of subordinated loan – was backed by a consortium of investors, including Tikehau Capital, the Belgian Resilience Fund, PMV, and Welvaartsfonds.
The funds will be used to strengthen Vandemoortele’s capital framework and support its ongoing buy-and-build strategy, which has already seen a flurry of acquisitions across Europe and North America.
“This mezzanine financing provided the final element in establishing a solid and diversified structure for financing our recent acquisitions,” said Herman Van Steenstraeten, CFO of Vandemoortele.
The Ghent-headquartered company has been on an aggressive growth path, acquiring Délifrance, Bunge’s European margarine and spreads division, and Italian frozen bakery firm Lizzi in 2025 alone.
These deals follow its 2024 acquisitions of Dolciaria Acquaviva and U.S.-based Banneton, collectively adding over €1.7 billion (US$2.01B) to Vandemoortele’s turnover.
Despite a challenging market environment marked by inflation and rising raw material costs, Vandemoortele reported €1.05 billion (US$1.24 billion) in revenue for the first half of 2025, a 10.6% year-over-year increase, primarily driven by the integration of its new acquisitions.
However, profitability dipped, with adjusted EBIT falling to €70.2 million (US$83 million), a 22.5% decrease, and net earnings after tax dropping by 72.4% to €16 million (US$18.93 million), primarily due to one-off integration costs and higher interest expenses.
CEO Yvon Guérin remains optimistic: “Although our bottom-line profitability was lower than last year, the investments and initiatives of the first half lay the foundation for greater efficiency and long-term growth”.
Founded in 1899, Vandemoortele operates across 12 European countries and the U.S., producing bakery goods, margarines, and plant-based spreads.
With this latest round of financing, the company is well-positioned to solidify its leadership in frozen bakery and expand its footprint across three continents.
Sign up to HERE receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
