TowerBrook Capital Partners LP has agreed to sell Wilton Brands to Dr. August Oetker KG. Financial terms weren’t announced. Wilton, of Naperville, Illinois, provides cake decorating, candy making, bakeware and party products.
NAPERVILLE, Ill.–(BUSINESS WIRE)–Wilton Brands, a leading baking, cake decorating and candy making brand, announced today that an affiliate of TowerBrook Capital Partners L.P., Wilton Brands’ private equity owner, has entered into an agreement to sell Wilton Brands to Dr. August Oetker KG.
Dr. Oetker is a German based, privately held, global multibillion dollar industry leader in food and beverage which includes baking products and baked goods. Both companies were family-founded and share a long and rich heritage in baking, with a passion for the industry and the millions of consumers around the world who love to bake. The transaction is expected to close before the end of the year.
“The acquisition of Wilton means the expansion of our position in the large and interesting U.S. market for baking and decorating,” said Dr. Albert Christmann, Chairman of the Board of Management of Dr. Oetker. “For American consumers, the Wilton brand has been synonymous with home baking and the creative decorating of cakes, pies and baked goods for almost 90 years. With its product portfolio and strong brand, Wilton fits well with Dr. Oetker. Wilton also is very progressively positioned in terms of the use of digital brand management. Dr. Oetker’s entire organization will benefit from this expertise.”
In addition to the Dr. Oetker brand, the company owns multiple well-established baking and dessert brands in more than 35 countries across the globe.
“Wilton is passionate about bringing the love of baking and decorating to everyone, everywhere, every day through quality products that make baking and decorating fun and easy,” said CEO Sue Buchta. “I could not imagine a better owner for Wilton Brands. The opportunity to draw on both companies’ strengths, combined knowledge and commitment to the category will position us to innovate and grow more quickly, benefitting our customers, our retail partners and our employees. This is a proud and exciting milestone in Wilton’s 89-year history as a trusted name in baking.”
Wilton Brands was acquired by investment funds managed by TowerBrook Capital Partners L.P. in 2009, and under Buchta’s leadership has re-focused the business on its baking and food core while successfully divesting non-core businesses. Wilton and its employees will remain headquartered in Naperville, Illinois and will be run as a division within the broad portfolio of companies owned by Dr. Oetker. Buchta will remain in her role as CEO.
About Wilton Brands: We inspire the joy of creativity in everyone, everywhere, every day. Since 1929, Wilton has been helping home bakers and cake decorators all over the world create sweet treats and beautiful desserts by giving them the tools to make it fun and easy. Wilton is a leading brand in cake decorating, candy making, bakeware and party products. At Wilton, we’re passionate about bringing the love of baking and decorating to every consumer. Find out more at www.wilton.com.
About Dr. Oetker: Dr. Oetker is the umbrella organization of numerous production and sales companies within the Oetker Group, which are active in 39 countries and, in addition to the core markets in Europe, also operate in North and South America as well as in Africa, Asia, and Australia. In the 2017 fiscal year, Dr. Oetker generated revenue of EUR 2,430 million. Dr. Oetker employs 11,617 people worldwide – around 4,500 of them at its six German locations. Founded more than 125 years ago in Bielefeld, the family-owned company Dr. Oetker is one of the leading branded goods companies in the German food industry. The diverse product landscape, with around 1,000 products in Germany and some 4,000 different products worldwide, includes baking articles, baking mixes, decorative articles, desserts, sweet meals, chilled desserts, canned products, ready-made cakes, Vitalis muesli, frozen pizzas and snacks, refined products, and a varied range for bulk consumers. Find out more at www.oetker-group.com.