Causeway's Bakers + Baristas and Patisserie Valerie merge

Both brands will continue operating and retain their existing in-store offerings. The merged group will be led by James Fleming, who is currently chief executive of Bakers + Baristas.

Patisserie Valerie production managing director Jose Peralta and retail managing director Paolo Peeretti, who have led a turnaround of the company following its acquisition by Causeway, will leave the company following a transitional period.

The merger will enable both businesses to benefit from shared banking, customer service resources and new product development, and allow for new store openings, according to a statement.

Causeway acquired Bakers + Baristas, the Ireland-based coffee shop operator, for an undisclosed amount in March 2015.

Previous funding
Risk Capital Partners backed the MBO of Patisserie Valerie in 2006. In 2014, the company listed on the London Stock Exchange and raised £33m.

In October 2018, a £40m fraudulent accounting regularity was detected at the company and in January 2019, the company fell into administration.

Causeway acquired Patisserie Valerie, a part of Patisserie Holdings, in February 2019.

Company
Founded in 1926 and based in London, Patisserie Valerie operates coffee and pastry shops in the UK.

People
Causeway Capital Partners – Matt Scaife (partner).
Bakers + Baristas – James Fleming (CEO).

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