Vandermoortele to extend frozen bakery product range by acquiring LAG

The preference of European consumers for convenience foods, which will undoubtedly drive growth in the frozen bakery products market, made Vandermoortele, a leading European player in frozen bakery products, to acquire Lanterna-Agritech (LAG), extending its product range with typically Italian products. 

LAG has been an important player on Italian market, employing around 300 people, with production operations in Genoa, Ravenna and Padua. In 2013 its turnover was EUR 87 million (USD 100 million).

Commenting on the deal, LAG spokesman Paolo Soldateschi said:

“Vandemoortele is a strategic partner to strengthen our growth plans for Italy and we are also excited by the prospect to export our authentic focaccia from Genoa across Europe and the world”.

Jules Noten, CEO of Vandemoortele, added:  

“We are impressed by the passion for the product and by the strong performance of LAG in the Italian market. We see clear opportunities for further growth”.

Jean Vandemoortele, chairman of Vandemoortele, noted that the acquisition represented the first step of an expansion strategy which includes investments in new factories in Lyon and Poland.
Although Western Europe is currently dominating the overall European bakery products market, Eastern Europe as a region is forecast to maintain the highest growth in the future.

After the acquisition of Agritech by Lanterna in 2012, the combined entity was renamed LAG and embarked upon a growth path.

With this acquisition, Vandemoortele strengthens its bakery products business in Italy and extends its product range with typical Italian products such as focaccia and ciabatta.