US private equity firm One Rock Capital has completed its acquisition of Burts Snacks owner Europe Snacks this week.
As revealed by The Grocer in July, New York-headquartered One Rock saw off a rival bid from TowerBrook Capital Partners to win the auction run by investment bank Lazard.
Headquartered in Paris, Europe Snacks is a major own-label supplier of crisps, stacked chips, crackers and other savoury snacks to the retail market. The group is also a co-manufacturing partner for branded food companies in Europe.
“We are extremely excited to welcome Europe Snacks to the One Rock portfolio,” said One Rock partner Kurt Beyer. “We look forward to collaborating with CEO Etienne Lecomte and management to build upon the company’s record of offering value, service and innovation to its customers.
“Europe Snacks’ leadership in the private-label market across key product categories and geographies is indicative of the value proposition the company offers to both retailers and brand owners.”
One Rock principal Lukas Zeitlberger added: “Europe Snacks is already differentiated in its position in the industry and the One Rock team is excited to continue the company’s momentum in growing across products and channels.”
Established in 1991, Europe Snacks was previously owned by British PE firm Apax following a 2013 buyout from IK Investment Partners.
It merged with London-headquartered co-packer Kolak in 2016 to enter the UK market and added to its presence in 2023 when it acquired premium snacks maker Burts.
Europe Snacks employs more than 2,000 staff and generates annual turnover of about €400m (£336m).
Recently filed accounts for Burts revealed the brand slipped into the red in 2023 thanks to acquisition costs related to the Europe Snacks takeover.
However, revenues jumped 11% to £97m, with turnover at Kolak up 8% to £251.6m.
No comments yet