Lotus Bakeries NV (ENXTBR:LOTB) agreed to acquire 80% stake in Peter's Yard Limited on June 27, 2022. The consideration represents a c2x net sales. 20% stake is already held by Financial service investment arm of Lotus Bakeries NV.
Post acquisition Lotus Bakeries will hold 100% stake in Peter's Yard Limited. Peter's Yard will become part of the Lotus Natural Foods business under the leadership of Isabelle Maes as chief executive officer. Peter's Yard has £6 million in sales.
Wendy and Ian, currently joint managing directors of Peter's Yard, will hand over all operational responsibilities to Jean-Baptiste Robert. The transaction is expected to close on July 1, 2022. DLA Piper UK LLP acted as legal advisor to Lotus Bakeries NV.