Slaughter and May is advising Investindustrial VII L.P., a fund managed by Investindustrial Advisors Limited (“Investindustrial”), in connection with its acquisition of CSM’s bakery ingredients business (“CSM Ingredients”). CSM Ingredients is the carve-out of a division of CSM Bakery Solutions Limited and its subsidiaries (“CSM Group”), a supplier of bakery solutions held by investment vehicles affiliated with Rhône Capital. CSM Ingredients comprises the European and International activities and assets of CSM Group dedicated to bakery ingredients. The transaction is subject to customary regulatory approval and is expected to close by Q1 2021.
CSM Ingredients is a manufacturer and distributor of bakery ingredients mainly to the artisanal traditional trade (pastry and bakery shops) and industrial channels, with a wide product portfolio focused primarily on bread ingredients, pastry mixes, bakery fats, fillings, glazes, toppings and icings. Key brands include Artisal, Arkady, Braims, Craigmillar, Marguerite, Masterline, MeisterMarken and Ulmer Spatz. CSM Ingredients generates annual revenues of approximately €500 million with 8 manufacturing facilities, including one in China and one joint venture in Tunisia. The main markets in Europe are Germany, Italy, France, the UK and Benelux, with a growing presence in China and Asia.
Slaughter and May is working with an integrated team including Best Friends, Hengeler Mueller, De Brauw Blackstone Westbroek, Uría Menéndez, and Bredin Prat, as well as Eubelius and Chiomenti.