The Cremonini Group, one of the largest European food operators with a turnover of over €3bn, has acquired Bagel Factory, the largest bagel operator in the UK and Ireland, in a deal which is believed to have valued the bagel chain at around £2m.
Bagel Factory opend its first site in Endell Street, London in 1997 and now operates over 50 shops and franchise units, many in the UK’s major transport hubs such as Waterloo, London Bridge, Marylebone, Paddington and Euston.
It is thought that the chain was placed on the market through Coffer Corporate Leisure last November after receiving a takeover approach.
The business was owned by a group of private investors, which included the chain’s chairman Geoff Westmore, the former global head of M&A at PricewaterhouseCoopers (PwC), who holds a stake in the company through his investment vehicle Subito Partners.
Mark Sheehan, managing director at Coffer Corporate Leisure, which acted on behalf of the vendors, said: “The sale process for Bagel Factory generated a really expansive range of interested parties, from the UK as well as a number in mainland Europe. Cremonini Group is one of the biggest players in the European food industry and its strong links with on-board train catering, railway stations, motorway and commercial catering, means they are perfectly positioned to grow Bagel Factory further.”
