Continental Bakeries

Acquisition of



Markets Covered:

Germany, Netherlands, France, Sweden


Food Strategy Associates provided full Commercial and Operational due diligence leading to Goldman Sachs’ acquisition of Continental Bakeries, Europe’s leading Private Label biscuits supplier.


This was a multi-national assignment covering a business headquartered in the Netherlands, but with 11 manufacturing facilities across 9 manufacturing centres located in 4 countries across Western Europe and Scandinavia, and sales centred on five major geographies with exports to many others.

Timeframes for our work were exceptionally tight given the complexity of the business and its multi-country locations, and required us to assemble a large team of senior commercial and manufacturing associates based both in the UK and on Continental Europe to cover the different locations.

One of the major commercial diligence challenges was to validate the in-market performance of Continental given that it is largely focussed on Private Label supply and its volumes and retail sales are therefore not readily identifiable within scan audit data which does not break down PL sales by supplier. We therefore conducted deep-dive analysis of sku-level scan data coupled with extensive store visits in Continental’s most important customers, cross-referenced with the target’s in-house data to provide a detailed assessment of Continental’s in-market competitive position for each of its major markets.

Our work culminated in a full report which was released to prospective lending banks, with whom we conducted a number of Q&A sessions prior to completion of the transaction.