- Nachrichtendetail
-
05.07.2024 06:58:09 - dpa-AFX: EQS-Adhoc: Emmi has entered into a put option agreement for Mademoiselle Desserts with the objective of strengthening its strategic premium dessert business (english)
Emmi has entered into a put option agreement for Mademoiselle Desserts with
the objective of strengthening its strategic premium dessert business
Emmi Management AG / Key word(s): Acquisition
Emmi has entered into a put option agreement for Mademoiselle Desserts with
the objective of strengthening its strategic premium dessert business
05-Jul-2024 / 06:57 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Lucerne, 5 July 2024 - The Emmi Group has entered into a put option
agreement for the contemplated acquisition of the leading French
Mademoiselle Desserts Group, which specialises in innovative premium
patisserie. This transaction would enable the Emmi Group to continue to
expand its market presence in the premium desserts category as part of its
proven strategy and focused internationalisation. This contemplated
transaction would complement Emmi's dessert portfolio to include French
inspired desserts from a company with a leading presence in the
in-store-bakery and food service area. In doing so, Emmi would be able to
offer its customers an innovative full range that unites the great dessert
traditions. The Emmi Group would take on a leading role in the premium
dessert category that is growing on a global scale, to extending its dessert
expertise that it has consistently built up over more than ten years.
Mademoiselle Desserts generated annual sales of around EUR 420 million in
2023 with a workforce of approximately 2,000 employees. The completion of
the transaction remains subject to the consultation of the relevant employee
representative bodies of Mademoiselle Desserts and the approval by the
relevant competition authorities and regulatory authorities.
The Emmi Group has pursued a focused and disciplined internationalisation
strategy for many years, with acquisitions always having played an important
role in strengthening the respective market position and accelerating
organic growth. Emmi has conducted 45 acquisitions in the last 30 years. It
has integrated these successfully and continues to develop its portfolio
also beyond Switzerland. The strategy is focused on four selected niches in
which Emmi has great expertise and a relevant market position, and where it
can promote profitable growth. Premium desserts is one of these important
strategic niches.
Building an Emmi "Desserts Powerhouse"
As part of the continuous portfolio transformation and focus on profitable
growth, Emmi has built up significant dessert expertise in the last ten
years. It started in 2011 in Italy with Italian inspired desserts, such as
tiramisu, and last culminated with a fifth dessert acquisition in 2020 in
the US adding also American and Latin inspired desserts, which served as a
springboard for the dessert business in the US. The premium dessert business
today accounts for nine percent of the Emmi Group's total sales. With this
contemplated acquisition of the Mademoiselle Desserts Group, Emmi would add
French inspired desserts and strengthen Anglo-Saxon inspired cakes and
desserts to its portfolio which enables it to offer its customers an
innovative full range that combines the great dessert traditions. This
contemplated acquisition will open up new market opportunities for Emmi to
play a leading global role as a "Desserts Powerhouse" in the growing premium
dessert category.
"With the contemplated acquisition of the Mademoiselle Desserts Group, we
have the ambition of strengthening our strategic premium desserts category
and, as 'category captain' and preferred business partner, will be able to
offer our customers an innovative and high-quality full range. This
strategically important step would allow us to exploit the global growth
opportunities in the premium desserts category and take our portfolio
transformation further. We aim to unite the 'savoir faire' of the French
dessert-making and patisserie from Mademoiselle Desserts with the dessert
creations of our passionate 'pasticceri' and innovative American and Latin
inspired desserts from Italy and the US under the Emmi Group umbrella," says
Ricarda Demarmels, CEO of the Emmi Group. She adds: "We are delighted to
have this opportunity through the contemplated transaction to welcome
Mademoiselle Desserts to our group. It is a company that lives our
entrepreneurial values and, with B Corp certification, also meets our
demands for responsible corporate management."
Leading dessert expertise from France
The Mademoiselle Desserts Group has a leading market position in the
European dessert market with twelve own production facilities in France, the
UK, the Netherlands and Belgium. The company is characterised by a
high-quality patisserie portfolio, its great innovative strength and strong
partnerships with customers. Mademoiselle Desserts constantly develops its
product portfolio together with its customers, most recently adding also
snacking products to the portfolio. The products are available in the
traditional retail channels, complementing the existing portfolio of Emmi,
especially in the in-store-bakery sector, as well as in food service.
"We are truly delighted and excited about the prospect of joining our
Italian and American colleagues from the Emmi Group and uniting our dessert
expertise. Together, we would grow the desserts business with a fabulous
range of iconic products," says Didier Boudy, the current CEO of the
Mademoiselle Desserts Group about the contemplated transaction after the
signing of the put option agreement.
Emmi desserts business under new leadership
Didier Boudy, the current CEO of the Mademoiselle Desserts Group, would
assume responsibility for the new Emmi "Desserts Powerhouse", which would
bring together the Mademoiselle Desserts Group with existing Emmi Dessert
companies from Italy and the US, to advance the strategic development of the
dessert business. This would also ensure continuity in management and
guarantee optimal integration. Didier Boudy is widely regarded as an
industry expert and has been the president of the Federation of
Bakery-Pastry Enterprises (Fédération des Entreprises de
Boulangerie/Patisserie, FEB) since 2021.
Above-average growth prospects and operating margins accelerate portfolio
transformation
Emmi would acquire the Mademoiselle Desserts Group for an enterprise value
of around EUR 900 million. This would correspond to an implied EBITDA
multiple, which is lower than the current multiple for the Emmi Group. With
approximately 2,000 employees, the Mademoiselle Desserts Group generated
annual sales of around EUR 420 million in 2023. Both sales growth and
operating margins are above average compared to the Emmi Group. There is
also medium-term potential for growth synergies. After this contemplated
acquisition, the strategic premium desserts niche would account for around
17 percent of total sales. The Emmi Group intends to finance the
contemplated acquisition mainly through new debt as well as surplus liquid
funds.
Given that the contemplated transaction remains subject to the consultation
of the relevant employee representative bodies and to the approval of the
relevant competition and regulatory authorities, its impact on the full-year
2024 cannot yet be reliably estimated. However, Emmi confirms its guidance
for the full-year 2024 for the current business and is also confirming its
medium-term guidance and its dividend policy.
The information and consultation of the relevant employee representative
bodies of Mademoiselle Desserts will begin shortly.
Download material and further information
* Media release as PDF
* Presentation on the contemplated acquisition
* Mademoiselle Desserts website
* Images of Mademoiselle Desserts
* Image of Didier Boudy
* Emmi Media Corner
Contacts
Media
Gisela Heel, Head of Corporate Communications & Simone Burgener,
Spokesperson | media@emmi.com
Investors and Analysts
Oliver Wasem, CFO | ir@emmi.com
About Emmi
Emmi is the leading manufacturer of high-quality dairy products in
Switzerland. Its roots date back to 1907, when it was founded by dairy
farmer cooperatives in the Lucerne region. With its focussed strategy,
innovative products and brand concepts established beyond Switzerland, such
as Emmi Caffè Latte and Kaltbach cheese, Emmi has grown into an
internationally active, listed group (EMMN) with a strong local presence in
14 countries.
Emmi's business model is traditionally based on a careful approach to
nature, animals and people. In this way, Emmi creates the best dairy
moments, today and for generations to come, while also contributing to value
creation in rural regions. The company distributes its quality products in
around 60 countries and manufactures these at 57 of its own production sites
in eleven countries. With more than 9,000 employees, around 70% of whom work
outside Switzerland, the Emmi Group generated sales of CHF 4.2 billion in
2023.
About Mademoiselle Desserts
Emmi is the. Mademoiselle Desserts is Europe's leading manufacturer of
innovative premium patisserie and supplies a wide range of products, such as
sweet pastries, cakes, gateaux, millefeuilles, beignets and much more to the
retail and food service across the world. The Mademoiselle Desserts Group is
headquartered in Montigny-le-Bretonneux in France and has 12 production
sites in France, the UK, the Netherlands and Belgium. The company is defined
by quality, innovative strength and strategic partnerships with its
customers. The Mademoiselle Desserts Group is B Corp certified since 2022.
The internationally established ESG certification is part of the Group's CSR
strategy. Mademoiselle Desserts supplies a wide array of customers from
cafés, restaurants, the retail industry and delivery services in France, the
UK, the Netherlands and Belgium and in around 50 countries worldwide.
Mademoiselle Desserts Group generated sales of around Euro 420 million in
2023 with a workforce of approximately 2,000 employees.
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
End of Announcement EQS News Service
---------------------------------------------------------------------------
1940105 05-Jul-2024 CET/CEST
the objective of strengthening its strategic premium dessert business
Emmi Management AG / Key word(s): Acquisition
Emmi has entered into a put option agreement for Mademoiselle Desserts with
the objective of strengthening its strategic premium dessert business
05-Jul-2024 / 06:57 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Lucerne, 5 July 2024 - The Emmi Group has entered into a put option
agreement for the contemplated acquisition of the leading French
Mademoiselle Desserts Group, which specialises in innovative premium
patisserie. This transaction would enable the Emmi Group to continue to
expand its market presence in the premium desserts category as part of its
proven strategy and focused internationalisation. This contemplated
transaction would complement Emmi's dessert portfolio to include French
inspired desserts from a company with a leading presence in the
in-store-bakery and food service area. In doing so, Emmi would be able to
offer its customers an innovative full range that unites the great dessert
traditions. The Emmi Group would take on a leading role in the premium
dessert category that is growing on a global scale, to extending its dessert
expertise that it has consistently built up over more than ten years.
Mademoiselle Desserts generated annual sales of around EUR 420 million in
2023 with a workforce of approximately 2,000 employees. The completion of
the transaction remains subject to the consultation of the relevant employee
representative bodies of Mademoiselle Desserts and the approval by the
relevant competition authorities and regulatory authorities.
The Emmi Group has pursued a focused and disciplined internationalisation
strategy for many years, with acquisitions always having played an important
role in strengthening the respective market position and accelerating
organic growth. Emmi has conducted 45 acquisitions in the last 30 years. It
has integrated these successfully and continues to develop its portfolio
also beyond Switzerland. The strategy is focused on four selected niches in
which Emmi has great expertise and a relevant market position, and where it
can promote profitable growth. Premium desserts is one of these important
strategic niches.
Building an Emmi "Desserts Powerhouse"
As part of the continuous portfolio transformation and focus on profitable
growth, Emmi has built up significant dessert expertise in the last ten
years. It started in 2011 in Italy with Italian inspired desserts, such as
tiramisu, and last culminated with a fifth dessert acquisition in 2020 in
the US adding also American and Latin inspired desserts, which served as a
springboard for the dessert business in the US. The premium dessert business
today accounts for nine percent of the Emmi Group's total sales. With this
contemplated acquisition of the Mademoiselle Desserts Group, Emmi would add
French inspired desserts and strengthen Anglo-Saxon inspired cakes and
desserts to its portfolio which enables it to offer its customers an
innovative full range that combines the great dessert traditions. This
contemplated acquisition will open up new market opportunities for Emmi to
play a leading global role as a "Desserts Powerhouse" in the growing premium
dessert category.
"With the contemplated acquisition of the Mademoiselle Desserts Group, we
have the ambition of strengthening our strategic premium desserts category
and, as 'category captain' and preferred business partner, will be able to
offer our customers an innovative and high-quality full range. This
strategically important step would allow us to exploit the global growth
opportunities in the premium desserts category and take our portfolio
transformation further. We aim to unite the 'savoir faire' of the French
dessert-making and patisserie from Mademoiselle Desserts with the dessert
creations of our passionate 'pasticceri' and innovative American and Latin
inspired desserts from Italy and the US under the Emmi Group umbrella," says
Ricarda Demarmels, CEO of the Emmi Group. She adds: "We are delighted to
have this opportunity through the contemplated transaction to welcome
Mademoiselle Desserts to our group. It is a company that lives our
entrepreneurial values and, with B Corp certification, also meets our
demands for responsible corporate management."
Leading dessert expertise from France
The Mademoiselle Desserts Group has a leading market position in the
European dessert market with twelve own production facilities in France, the
UK, the Netherlands and Belgium. The company is characterised by a
high-quality patisserie portfolio, its great innovative strength and strong
partnerships with customers. Mademoiselle Desserts constantly develops its
product portfolio together with its customers, most recently adding also
snacking products to the portfolio. The products are available in the
traditional retail channels, complementing the existing portfolio of Emmi,
especially in the in-store-bakery sector, as well as in food service.
"We are truly delighted and excited about the prospect of joining our
Italian and American colleagues from the Emmi Group and uniting our dessert
expertise. Together, we would grow the desserts business with a fabulous
range of iconic products," says Didier Boudy, the current CEO of the
Mademoiselle Desserts Group about the contemplated transaction after the
signing of the put option agreement.
Emmi desserts business under new leadership
Didier Boudy, the current CEO of the Mademoiselle Desserts Group, would
assume responsibility for the new Emmi "Desserts Powerhouse", which would
bring together the Mademoiselle Desserts Group with existing Emmi Dessert
companies from Italy and the US, to advance the strategic development of the
dessert business. This would also ensure continuity in management and
guarantee optimal integration. Didier Boudy is widely regarded as an
industry expert and has been the president of the Federation of
Bakery-Pastry Enterprises (Fédération des Entreprises de
Boulangerie/Patisserie, FEB) since 2021.
Above-average growth prospects and operating margins accelerate portfolio
transformation
Emmi would acquire the Mademoiselle Desserts Group for an enterprise value
of around EUR 900 million. This would correspond to an implied EBITDA
multiple, which is lower than the current multiple for the Emmi Group. With
approximately 2,000 employees, the Mademoiselle Desserts Group generated
annual sales of around EUR 420 million in 2023. Both sales growth and
operating margins are above average compared to the Emmi Group. There is
also medium-term potential for growth synergies. After this contemplated
acquisition, the strategic premium desserts niche would account for around
17 percent of total sales. The Emmi Group intends to finance the
contemplated acquisition mainly through new debt as well as surplus liquid
funds.
Given that the contemplated transaction remains subject to the consultation
of the relevant employee representative bodies and to the approval of the
relevant competition and regulatory authorities, its impact on the full-year
2024 cannot yet be reliably estimated. However, Emmi confirms its guidance
for the full-year 2024 for the current business and is also confirming its
medium-term guidance and its dividend policy.
The information and consultation of the relevant employee representative
bodies of Mademoiselle Desserts will begin shortly.
Download material and further information
* Media release as PDF
* Presentation on the contemplated acquisition
* Mademoiselle Desserts website
* Images of Mademoiselle Desserts
* Image of Didier Boudy
* Emmi Media Corner
Contacts
Media
Gisela Heel, Head of Corporate Communications & Simone Burgener,
Spokesperson | media@emmi.com
Investors and Analysts
Oliver Wasem, CFO | ir@emmi.com
About Emmi
Emmi is the leading manufacturer of high-quality dairy products in
Switzerland. Its roots date back to 1907, when it was founded by dairy
farmer cooperatives in the Lucerne region. With its focussed strategy,
innovative products and brand concepts established beyond Switzerland, such
as Emmi Caffè Latte and Kaltbach cheese, Emmi has grown into an
internationally active, listed group (EMMN) with a strong local presence in
14 countries.
Emmi's business model is traditionally based on a careful approach to
nature, animals and people. In this way, Emmi creates the best dairy
moments, today and for generations to come, while also contributing to value
creation in rural regions. The company distributes its quality products in
around 60 countries and manufactures these at 57 of its own production sites
in eleven countries. With more than 9,000 employees, around 70% of whom work
outside Switzerland, the Emmi Group generated sales of CHF 4.2 billion in
2023.
About Mademoiselle Desserts
Emmi is the. Mademoiselle Desserts is Europe's leading manufacturer of
innovative premium patisserie and supplies a wide range of products, such as
sweet pastries, cakes, gateaux, millefeuilles, beignets and much more to the
retail and food service across the world. The Mademoiselle Desserts Group is
headquartered in Montigny-le-Bretonneux in France and has 12 production
sites in France, the UK, the Netherlands and Belgium. The company is defined
by quality, innovative strength and strategic partnerships with its
customers. The Mademoiselle Desserts Group is B Corp certified since 2022.
The internationally established ESG certification is part of the Group's CSR
strategy. Mademoiselle Desserts supplies a wide array of customers from
cafés, restaurants, the retail industry and delivery services in France, the
UK, the Netherlands and Belgium and in around 50 countries worldwide.
Mademoiselle Desserts Group generated sales of around Euro 420 million in
2023 with a workforce of approximately 2,000 employees.
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
Language: English
Company: Emmi Management AG
Landenbergstrasse 1
6005 Luzern
Switzerland
E-mail: info@emmi.com
Internet: www.emmi.com
ISIN: CH0012829898
Valor: 1282989
Listed: SIX Swiss Exchange
EQS News ID: 1940105
End of Announcement EQS News Service
---------------------------------------------------------------------------
1940105 05-Jul-2024 CET/CEST
