The French frozen pastry specialist has also made another UK acquisition, snapping up Cakesmiths for an undisclosed amount.
Bristol-based Cakesmiths produces nearly 100 types of artisan handmade cakes – from cinnamon rolls to limited editions like the Edinburgh Whiskey Sour Cake – for coffee shops around the UK, as well customers online.
According to LDC, an investment arm of the Lloyds Banking Group, which had made a ‘significant investment’ in Cakesmiths 18 months ago, the cake manufacturer has seen revenue increase by 164% since its investment.
“Demand for our amazing cakes shows no sign of slowing and we’re now perfectly positioned to share them with more people around the world as part of Onore,” added Cakesmiths CEO Chris Ormrod, who will stay in his role under the new Group.
Boncolac – a Waterland Private Equity portfolio company – already owns two UK businesses, having acquired macaron supplier Mag’M in 2022 and savoury-pastry business Proper Cornish earlier this year.
A gourmet alliance
“Today, our three companies come together under a new human and ambitious group brand,” said the company in a statement.
The rebrand to the Onoré Group is underscored by an ambitious roadmap to become the European leader in frozen pastries and snacking products.
By 2030, the company has pledged to:
Accelerate the development of a portfolio that promotes cross-selling between its companies (the Group claims to already be a reference in numerous specialities, including lemon meringue tart, macaron, carrot cake and Cornish pastries.
Double sales outside France and the UK in the next five years. According to a statement released by Waterland Private Equity, Onoré’s annual sales are ‘close to €200m ($219.4m)’.
Launch ever healthier innovations for consumers and the planet – specifically targeting a clean label and eco-design approach. The company claims its product launches in less than two years will exceed €25m in turnover in 2028.
Improve its carbon footprint by investing in its factories to limit the consumption of water and energy. The 2030 target is to reduce Scope 3 GHG emissions by 30%.
The French touch
“The creation of the Onoré brand completes the construction of the foundations of our Group,” said CEO Alexandre Vigneron.
“It gives consistency and clarity to our offer. Onoré underlines the quality of our products, the excellence of our know-how with a French touch, which is a nod to our country of origin.
“We aim to be the preferred manufacturer for food specialties in pastry and snacking throughout the world. To affirm this ambition, I am delighted to welcome Cakesmiths to the Group and to announce that new leaders in pastries or snacking products will soon join us, for the pleasure of our customers and lovers of our products.”
Founded in 1955, Toulous-headquartered Boncolac Group today has four factories in France, producing frozen catering and pastry products that are sold to the retail and foodservice channels in more than 20 countries.