The Swiss IDAK Food Group is negotiating the acquisition of Onoré, a bakery based in Toulouse with production sites in France and the UK. The transaction is expected to be finalized in the first half of 2026, subject to the usual regulatory approvals. Following this transaction, IDAK, which already has a presence in Switzerland and Italy, intends to establish itself as a leading player in the premium frozen food segment in Europe.
The IDAK management team, led by Christof Lehmann, would work closely with the Onoré management team, which would remain under the leadership of Alexandre Vigneron. As part of this transaction, IDAK plans to acquire a majority stake currently held by Onoré’s management and Waterland Private Equity, a shareholder that has supported the group’s strong growth through several acquisitions over the past three years.
This transaction would be a major milestone in IDAK’s history, significantly strengthening its Bakery & Pastry Products business while accelerating its development in key European markets. The Swiss group specializes in premium frozen foods across three categories—Pizza & Snacks, Finger Food & Potato-based Snacks, and Bakery & Pastry Products.
Onoré has been firmly established in the French and UK markets for several decades. The group operates five production sites in France and two in the UK, where it manufactures bakery products, snacks, Cornish pasties, pastries, and other high-end frozen desserts. Onoré supplies large restaurant chains, independent restaurants and coffee shops, as well as major retailers. The group employs more than 1,000 people.
“On equal footing”
“IDAK and Onoré would complement each other perfectly to form a unique and leading player in the premium frozen food segment in Europe. We share many common strengths, such as sustained organic growth, diversification of our distribution channels and customer bases, a presence in several countries, a strong premium positioning, the ability to capture market synergies, strong cultural and managerial proximity, recognized experience in working with investors, and a solid track record in external growth transactions,” said Christof Lehmann, CEO of IDAK. |This transaction, conducted on an equal footing, would therefore be a key milestone in the history of our group.”
IDAK is currently structured around three business areas: Pizza & Snacks, Finger Food & Potato-based Snacks, and Bakery & Pastry Products. Pizzas and snacks are produced by Margherita S.p.A., based in Fregona (Italy), since 2020, and by Sorrento Sapori e Tradizioni S.r.l., based in Eboli (Italy), since May 2024. Potato-based finger foods and snacks are KADI AG’s specialty, while the Bakery & Pastry Products business is handled by Romer’s Hausbäckerei, which also includes Kern & Sammet, based in Wädenswil (ZH), Switzerland.
Alexandre Vigneron, CEO of Onoré, also welcomes the merger: “Like Onoré, IDAK has built an extremely successful group in recent years and shares many common experiences with us. Together, we can continue on a shared growth trajectory by offering quality products inspired by European cuisine.”
Onoré mainly supplies French and international players in the catering industry, as well as the mass retail sector. In France, the group includes Boncolac (bakery products, pastries, frozen mochi and snacks) and Mag’M (premium macarons). In the UK, it includes the Proper Cornish (Cornish pasties and puff pastry specialties) and Cakesmiths (artisan cakes for coffee shops) brands. Onoré employs more than 1,000 people and generated revenue of over EUR 220 million in 2025.
About IDAK Food Group
IDAK Food Group is majority-owned by TowerBrook Capital Partners (TCP) alongside its management team. Following the acquisitions of Kern & Sammet and Sorrento Sapori e Tradizioni, the integration of Onoré would be the third acquisition carried out by IDAK since TCP became its majority shareholder in September 2024. In 2025, the group had approximately 1,300 employees and generated sales of over CHF 330 million (EUR 355.5 million).
Photo: IDAK Food Group