The Belgium-based group has been an investor in the UK sourdough crackers business since 2019 when it acquired a 20% stake in the British company through its venture capital fund Fast Forward 2032, which invests in promising startups in the food sector
Current Peter’s Yard joint managing directors Ian Tencor and Wendy Wilson-Bett, who founded the company in 2008, will hand over all operational responsibilities to new managing director Jean-Baptiste Robert, a Lotus Bakeries executive.
The brand becomes part of Lotus Natural Foods, which groups natural and healthy snack brands like Näkd, Bear, Trek and Kiddylicious.
Peter’s Yard manufactures all its products in the UK to its original Swedish recipe using a 45-year-old sourdough starter.
Its range includes Rosemary & Sea Salt Sourdough Crackers, Pink Peppercorn Sourdough Crackers, Seeded Sourdough Flatbreads and West Country Sour Cream & Chive Sourdough Bites.
Isabelle Maes, the CEO of Lotus Bakeries’ natural foods division, said: “With the addition of Peter’s Yard’s delicious sourdough products to the Lotus Bakeries family, we further strengthen our position in the UK and venture our first steps into the savoury snacking category.”
The most recent investment made through FF2032 was in US start-up Good Crisp, a deal announced last year.
In 2021, Lotus Bakeries generated turnover of US$794.1 million up 13.1% on a year earlier. Earnings before interest and taxes stood at US$126. 1 million, a rise of 12.3% on the prior year. Net profit grew 10% to US$ 95.5 million.
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