Grupo Bimbo, the Mexican multinational bakery giant, has acquired St. Pierre Groupe, a leading player in the premium brioche category both in the UK and the US.
Private equity firm BGF, which backed St Pierre Groupe with an £8 million investment in November 2018, confirmed their exit, saying the deal has generated a money multiple of 9.6x and an IRR of 85 per cent for BGF.
Headquartered in Manchester, St Pierre Groupe was founded in 1986 by Paul Baker and Jeremy Gilboy. As a specialist branded supplier to the bakery industry, the company provides a range of high-quality products under three distinctive brands – St Pierre, Baker Street and Paul Hollywood.
Its products are stocked in over 35,000 retail and wholesale stores worldwide, as well as online in the UK, USA, Europe and the Middle East. The revenues stood at £111.5 million in 2021.
“BGF has been an excellent partner and their investment in 2018 was the catalyst to accelerating our growth and helping us realise our goals to successfully scale operations here in the UK, as well as achieving international expansion into key markets and building strong relationships with leading retailers around the world,” Paul Baker, co-founder of St Pierre Groupe, said.
Ben Barker, Head of Portfolio North at BGF, said: “We’re delighted to announce an outstanding exit of St Pierre Groupe, following a highly successful four-year investment period that has seen the business rapidly scale its branded sales and expand its presence across the USA through new listings with leading retailers.
“We’re incredibly proud of the impact St Pierre Groupe has had on the region, increasing its headcount and building a strong trans-Atlantic brand here in the North West, which is testament to the management team and local talent available. It’s been a privilege to be part of the company’s fantastic growth journey, we wish the team all the best and look forward to seeing what the future holds for the business.”
Grupo Bimbo is one of the world’s largest baked goods and snacking companies. The company arrived in the UK in 2017 with the acquisition of East Balt Bakeries, one of the leading companies in the QSR industry. Their brands in the UK include Bimbo, New York Bakery Co. and Takis.
