Boncolac Group becomes Onoré: leader in frozen Specialty Food
Boncolac, a leading player in frozen pastries and snacking products founded in 1955, has become Onoré, an international group with sales close to 200 million euros. This new name reflects the Group’s accelerated growth, spurred by Waterland Private Equity, with a third transformative acquisition in the UK; Cakesmiths, a leader in artisanal cakes.
This acquisition follows the additions of Mag’M, the French macaron specialist, and Proper Cornish, the Cornish pasties leader, in early 2023.
Onoré’s growth is driven by the strong demand for its high-quality artisanal specialties (macarons, lemon meringue tarts, tartes tatin, carrot cakes, Cornish pasties, mini croque-monsieurs, etc.). These products are highly sought after by consumers for their authenticity and genuine know-how. Onoré’s innovative and differentiated range enable retailers and foodservice providers to boost their sales in France, the UK and worldwide (Onoré’s pastries and snacks are enjoyed from Japan to the USA).
As part of this dynamic expansion, Onoré has acquired Cakesmiths, the UK’s leading manufacturer of artisanal cakes. Founded in 2005, Cakesmiths offers innovative variations of great classics, from carrot cakes to cinnamon rolls and brownies.
By integrating Cakesmiths and its 200 employees, Onoré will target an exceptional client base of independent coffee shops, which Cakesmiths successfully serves through a unique online model. This has enabled the company to grow at a remarkable pace (>30% p.a.) while perfecting the quality of its products and its traditional recipes.
By 2030, Onoré intends to double the proportion of sales outside France/UK, while committing to reduce its Scope 3 greenhouse gas (GHG) emissions by 30%[1].
“The creation of the Onoré brand is an integral part of the creation of our Group, which has experienced phenomenal growth since the start of our partnership with Waterland. Our ambition is to be the reference manufacturer of frozen specialty food for pastries and snacking products worldwide. I’m delighted to welcome Cakesmiths to the Group. The authenticity, quality and innovation of its recipes reflect our motto TASTE THE FINEST!” Alexandre Vigneron, CEO Onoré
“We are absolutely delighted to be joining Onoré and Waterland. Thanks to Onoré and its French Touch, we’re off to conquer new markets where so many consumers are waiting impatiently to taste our authentic, innovative and delicious cakes! Waterland, with its pragmatic and entrepreneurial approach, couldn’t be better suited to achieve this ambition.” Chris Ormrod, CEO Cakesmiths
[1] Scope 3 emissions include production from sources not owned or controlled by the company.
About Onoré
Onoré’s ambition is to be the reference manufacturer of speciality food for frozen pastries and snacks. After a year of support from Waterland, the Onoré group has sales of c.200 million euros, with production sites in France and the UK, and worldwide distribution.
About Cakesmiths
Bristol-based Cakesmiths is an independent manufacturer of artisan handmade cakes. It supplies its award-winning range to customers across the UK through its direct-to-market online platform and through direct relationships with large independent coffee shops. The business caters to a wide range of palates, including a broad vegan and very-low gluten range, and prides itself on exciting innovation and its limited edition weekly ‘small batch’ runs.
Press contacts :
Marjorie Delepine, marjorie@2017.fr, +33 7 78 13 83 62
Elizabeth Jacob, elizabeth@2017.fr, +33 6 38 01 30 37
Laurence Van Doosselaere, vandoosselaere@waterland.be, +32 479 77 57 68