Momentum advises management as part of Onoré's acquisition of Cakesmiths

Momentum Corporate Finance LLP (“Momentum”) is delighted to announce the completion of its latest transaction, having advised the management team of Cakesmiths on its reinvestment into Onoré (previously known as Boncolac), backed by Waterland Private Equity (“Waterland”).

This is another successful transaction, continuing a run of completions including the sale of Silvertel to DiscoverIE plc and the sale of Acquis Insurance to NSM Group Inc.
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.

LDC made a significant investment in Cakesmiths in March 2022, which Momentum also advised on, to back the management team’s ambitious growth strategy.

CEO Chris Ormrod, alongside the rest of Cakesmiths management team, will continue to lead the business, which will trade under its current branding as part of the Onoré Food Group. Headquartered in France, Onoré is backed by private equity investor Waterland and is a leading manufacturer and supplier of premium bakery products with plans to increase its footprint across Europe and other international markets.

Chris Ormrod, CEO of Cakesmiths, said: “It’s hugely satisfying to look back on everything we’ve achieved in the last two years, and we’re delighted to become part of the Onoré Food Group – a move that will help our long-term growth ambitions. Demand for our amazing cakes shows no sign of slowing and we’re now perfectly positioned to share them with more people around the world as part of the Onoré group.”

The transaction is expected to complete in January 2024.