CSM reaches agreement to purchase CGI Desserts (Camelot Desserts)
Acquisition creates market leading position in the In-Store Channel.
Diemen, the Netherlands, 27 July 2006 - CSM has reached a definitive agreement to acquire CGI Desserts, Inc. for USD 70 million cash (plus the assumption of USD 5 million debt), approximately 1 x sales. CGI is a leading innovative supplier of Thaw & Serve fully decorated cakes and upscale dessert cakes. The market size in In-store and Foodservice for this product segment is estimated to be approximately USD 1.5 billion and represents the largest and fastest growing segment in In-store bakeries with an average growth of 5-6% CAGR (Compound Annual Growth Rate). With the combination of CGI and H.C. Brill, CSM will be a market leader in the In-store channel.