Cornwall-based bakery manufacturer Proper Cornish has been acquired by French business, Boncolac Group, as part of an undisclosed deal.
Proper Cornish, which was founded in 1988, produces frozen, savoury products with a specialty in Cornish pasties and operates out of Cornwall.
Boncolac was founded in 1955 as an ice cream manufacturer but has since expanded into other product ranges including frozen cakes and pastries, and with the acquisition of Proper Cornish, will strengthen its bakery expertise.
In 2019, Proper Cornish’s factory in Bodmin, Cornwall, was bought by Torbay Council in a move to improve the council’s finances, due to concerns over budget cuts. The sale cost the council UK£2 million and at the time of announcement, received mixed feelings from local residents. As part of the deal, the company remained a privately owned firm and leased the factory from the council.
Mark Lucas, Managing Director and Corporate Finance Lead for Quantuma, who led the sales process on behalf of Proper Cornish shareholders, said the deal delivered on “continuity” for the company.
“The acquisition offers Boncolac clear commercial synergies through various cross-selling opportunities and establishes a strong presence in the UK market,” Mark said. “The Quantuma team is delighted to have advised Chris and Gerald on the sale of Proper Cornish. They have built an absolutely fantastic business, which has found a great home to continue its journey in the Boncolac Group.”
“Mark, George and the Quantuma team were simply brilliant to work with. They were an exceptional support through every stage of the process and made our job easy,” added Chris Pauling, Chief Executive of Proper Cornish. “They clearly understood our business and the market, which was reflected in the expertly written and designed marketing materials and their ability to generate lots of interest from potential buyers.”
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