Lotus Bakeries has acquired UK sourdough cracker and crisp firm Peter’s Yard. They have owned 20% of the British based company since 2019.
Under the transaction, which is expected to close on July 1, Peter’s Yard will become part of the Lotus Natural Foods business which is headed up by Isabelle Maes and includes brands Nākd, Trek, Bear and Kiddylicious.
Ian Tencor and Wendy Wilson-Bett, the firm’s joint managing directors, set up Peter’s Yard in 2008. Tencor and Bett will hand over the running of the business to new managing director Jean-Baptiste Robert, a Lotus Bakeries executive.
The price paid represents “a multiple of c2x net sales”, Lotus Bakeries added. The Belgian-headquartered business first acquired a stake in Peter’s Yard in 2019 via its venture capital vehicle Fast Forward 2032 (FF2032) which invests in ‘promising’ brands and growth companies offering innovative technologies or market approaches in the wider food and drink market.
Since then, Peter’s Yard has grown significantly, doubling its UK sales to around £6m. The business manufactures all its products in the UK to its original Swedish recipe using a 45-year-old sourdough starter. Its range includes Rosemary & Sea Salt Sourdough Crackers, Pink Peppercorn Sourdough Crackers, Seeded Sourdough Flatbreads and West Country Sour Cream & Chive Sourdough Bites.
“With the addition of Peter’s Yard’s delicious sourdough products to the Lotus Bakeries family, we further strengthen our position in the UK and venture our first steps into the savoury snacking category,” Maes said. “Building on the strong heritage of the brand, we strongly believe that we can leverage the capabilities and expertise of Lotus Bakeries to further accelerate the growth of Peter’s Yard.”
“We chose FF2032, and therefore Lotus Bakeries, as a minority investor in 2019 because of their complementary capabilities and similar values, which would help us grow the brand profitably,” said Wendy Wilson-Bett and Ian Tencor.
“Since then, this partnership has enabled us to grow faster and it has been a pleasure to work together with Lotus. Our focus was always on finding a long-term partner for the brand, which convinces us that Peter’s Yard has now found an excellent home within the Lotus Bakeries Group brand portfolio.”
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