Onoré to join Swiss group IDAK Food Group following agreement with Waterland

Paris, 12 January 2026 – Waterland Private Equity has entered into an agreement under which Onoré (formerly Boncolac), a French specialist in artisanal frozen patisserie and snacking, will join the Swiss-based IDAK Food Group, a pan-European company in the premium frozen food sector.

Founded in 1955 in Toulouse, Onoré employs around 1,000 people and generates revenues in excess of €200 million. Under Waterland’s ownership since 2022, Onoré has become, in just three years, a European champion in its sector, driven by an ambitious growth strategy combining international expansion with targeted acquisitions. This transaction (subject to customary regulatory approvals) marks the beginning of a new chapter for Onoré within Idak Food Group, a fast-growing pan-European player in the premium frozen food market.

Three years of accelerated growth under Waterland’s ownership
When Waterland acquired the company (then known as Boncolac) in 2022, it was a a hidden gem within the Sodiaal cooperative group. Waterland identified the strong potential of this non-core asset for its former owner, notably its exceptional range of French pastries (tarte Tatin, chocolate fondant, Basque cake, lemon meringue pie, etc.), combined with recognized artisanal expertise, and provided the company with the means to achieve independence and expansion.

Louis Huetz, Partner of Waterland France, comments on the success of this partnership: “We immediately recognized Onoré’s strong growth potential. In just three years, thanks to an active buy-and-build strategy and the outstanding work of its teams, Onoré has evolved from a domestic player into a European leader in premium frozen pastries.” Xavier Rehman Fawcett, Principal at Waterland France, adds: “We are proud to have supported the transformation and integration of several complementary companies. This achievement perfectly illustrates Waterland’s entrepreneurial approach, which aims to unlock companies’ potential and accelerate their international development.”

Portfolio expansion and rapid internationalisation
From 2022 onwards, Onoré’s strategy has been underpinned by a dynamic buy-and-build approach, with four acquisitions completed over two years:

Mag’M (France, 2022) – a premium frozen macaron specialist, bringing French artisanal know-how and a strong export footprint (notably in Japan);
Proper Cornish (United Kingdom, 2023) – manufacturer of traditional savoury Cornish pasties and the UK market leader in the category;
Cakesmiths (United Kingdom, 2023) – a leading producer of artisanal cakes for independent coffee shops, based in Bristol, offering nearly 100 premium recipes, from carrot cake to cinnamon rolls;
So Mochi (France, 2024) – a premium mochi ice cream specialist, enabling Onoré to diversify into Asian-inspired desserts.

This buy-and-build strategy has enabled Onoré to broaden both its product offering and its geographical footprint. The group has become an international platform with production sites in France and the United Kingdom, serving retail and foodservice customers in more than 20 countries. The combination of French and British expertise has been a key success factor: Onoré’s portfolio now spans iconic French patisserie (such as lemon meringue pie, for which Onoré is a recognised benchmark) as well as emblematic Anglo-Saxon products, including carrot cake and pasties.

Driven by a coherent platform strategy, synergies between the acquired businesses were realised rapidly. A shared IT platform, the implementation of a common business intelligence tool, and operational pooling generated significant economies of scale, particularly in procurement (for key ingredients such as chocolate and flour). In parallel, cross-selling initiatives were rolled out, facilitating the international distribution of products from both the French and UK businesses across all channels.

“Demand for our artisanal cakes remains strong, and we are now well positioned to reach an even broader global audience as part of the Onoré group,” says Chris Ormrod, Head of Onoré’s UK operations. Indeed, Onoré’s desserts, whether tricolour macarons or Anglo-Saxon baked goods, are enjoying growing success well beyond their domestic markets. Onoré’s lemon meringue pies are now served in Starbucks stores in Taiwan, while its sweet and savoury specialities have gained traction with premium retailers in the UK, illustrating the group’s rapidly expanding international reach.

A new chapter alongside IDAK Food Group
Following this successful transformation, Onoré is set to join IDAK Food Group, a Swiss-based pan-European company in the premium frozen food sector, supported by TowerBrook Capital Partners. IDAK Food Group brings together several companies in Switzerland and Italy specialising in premium frozen foods, including Pizza & Snacks, Finger Food & Potato Snacks and Baked Goods & Patisserie.

“We are delighted to embark on this new phase with IDAK Food Group. With Waterland’s support, Onoré has become a strong and ambitious group while remaining true to its artisanal DNA and its ‘French touch’,” says Alexandre Vigneron, Chief Executive Officer of Onoré. “IDAK Food Group’s ambition is to become the pan-European leader in premium frozen foods. Together, we will complement each other perfectly to form a unique and leading company in the premium frozen food sector in Europe, while also opening up new market opportunities for our own products.”

With the support of its new industrial shareholder, Onoré intends to further strengthen its position as a global reference in high-quality frozen patisserie and foodservice products. The group will continue to build on its core strengths, authenticity, traditional recipes and product innovation, to enter new markets. This transaction highlights Waterland’s role as a catalyst, having transformed Onoré into an international flagship business in record time, and underlines the strong attractiveness of the premium frozen food sector amid evolving consumer habits.

About Onoré
Headquartered in Toulouse, Onoré is broadly diversified in the French and British markets and has been established among its customers for decades. It operates five company-owned production facilities in France and two in England, where it manufactures high-quality frozen baked goods, snacks, Cornish pasties, patisserie and desserts. The company mainly supplies national and international catering companies, but also the retail trade. Onoré’s French subsidiaries include Boncolac (desserts & snacks), Mag’M (premium macarons), So Mochi (premium mochi ice cream) in France, and Proper Cornish (Cornish baked goods) and Cakesmiths (English baked goods) in England.
Find out more about Onoré at www.onore.com.

Press contacts:
Olivia Andrez – oliviaandrez@gmail.com | +33 6 85 52 86 03
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21