Bakery business Cérélia acquires US Waffle

Ardian-backed bakery company, Cérélia, has acquired US Waffle and received an equity investment from Continental Grain Company (CGC).

Founded in 2013 and located in South Carolina, US Waffle specialises in the production of pancakes and waffles.

The company co-packs products for US food brands and also produces private label goods for retail grocers and foodservice distributors nationwide.

Cérélia’s acquisition of US Waffle follows its purchase of Wewalka’s North American pizza dough business, as the company seeks to accelerate its growth across the continent.

“We are thrilled to welcome US Waffle to Cérélia. With a proven track record of innovation and quality, we are confident that US Waffle will accelerate our expansion in North America,” said Cérélia co-CEO, Walter Kluit.

“By leveraging Cérélia’s entrepreneurial spirit, industrial technology and experienced team, we plan to introduce new, innovative products and extend our presence in new channels and territories.”

Christopher Sand, managing director at Ardian Buyout, added: “Cérélia continues to expand rapidly in North America through the addition of US Waffle, the acquisition of the Wewalka pizza business and its new Ohio facility.

“US Waffle provides an entry point into the attractive breakfast category, where we will leverage Cérélia’s European expertise and technologies in pancake and waffle production.

“The US Waffle transaction both solidifies our strategic roadmap and underscores the strength of our partnership with the Cérélia team.”

Cérélia has also announced that it received an equity investment from Continental Grain Company earlier this month.

The investment reportedly comes after nearly two years of dialogue and reflects the two companies’ “shared ambitions in the bakery category”. The partnership will see Cérélia work with CGC on a number of initiatives to accelerate its growth.

Commenting on CGC’s investment in Cérélia, the company’s chairman and CEO Paul Fribourg said: “We have been very impressed watching the team, with Ardian’s assistance, grow the business over the last two years in both Europe and North America.

“We believe that Cérélia has developed an excellent platform on which to continue its remarkable growth and we look forward to supporting the company in executing its strategic vision.”

As part of the investment, CGC director Charles Fribourg will join the Cérélia supervisory board as an observer.