CCA Law Firm has advised Dan Cake’s shareholders on the process of transferring the Portuguese company to Biscuit International (BI)
The owners of Dan Cake Portugal, in the hands of the Jamnadas family since its founding in 1978, agreed to sell the company to Biscuit International (BI), one of the main European producers in the Industrial Pastry market, of French origin and which is controlled by Platinum Equity, a North American global investment company. Headquartered in Lisbon, with industrial operations in Póvoa de Santa Iria and Coimbra, Dan Cake employs around 500 people with annual revenue of €55 million.
After this acquisition, the BI group, which closed 2020 with sales of more than 530 million euros, will produce around 200 thousand tons of biscuits and “waffles” in 20 factories in Europe, with a workforce of around 2,500 workers.
“The acquisition proposed by BI is an excellent prospect for Dan Cake Portugal, a successful and renowned family company in Portugal”, said Kantilal Jamnadas, founder of Dan Cake.
“We found in BI a strong and experienced partner, which will allow Dan Cake Portugal to consolidate its local leadership and expand its exports in the international market”, added Jamnadas, noting that “BI and its team have a wide and successful experience in the acquisition and integration of family businesses, helping them to achieve greater growth”.
“This transaction will allow Dan Cake Portugal to enter a new positive phase of its development, for the benefit of our organisation, our customers, our products, our teams and our consumers”, concluded the founder of the Portuguese company, whose team of management will retain Mitesh Jamnadas as CEO and Virgílio Alves as CFO.
Biscuit International was assisted in this transaction by Alvarez & Marsal (financial advisors) and CS Associados (Legal advisers), while Dan Cake Portugal’s shareholders were accompanied by BDO Portugal (financial advisors) and CCA (legal advisors).
Carlos Cruz (pictured left), founding partner of CCA, and Sara Reis (pictured right), partner and coordinator of the Corporate / M&A area at CCA, are part of the team that assisted on the transaction.