Milcamps waffles have changed hands. Polcaf NV, a subsidiary of the Belgian group Poppies Bakeries, is taking them over. The experts at AURIS Finance, a consultancy specialising in mergers and acquisitions, are taking a closer look at this new market move.
The food industry continues to undergo restructuring. In early September 2025, Jacquet Brossard announced the sale of its Milcamps waffle business to Polcaf NV, a subsidiary of Belgian bakery group Poppies Bakeries. This means that the plant in Dour, Belgium, where Milcamps waffles are produced, is changing ownership.
Strategic realignment
Through this sale, the French group is divesting itself of a peripheral business, while Poppies Bakeries is strengthening its position in an area in which it is already well established. ‘The waffle business requires specific industrial and commercial expertise, as well as a distinct business model’, said Alexandre Raguet, Jacquet Brossard’s managing director, on the occasion of the sale. Jacquet Brossard is one of France’s leading industrial bakeries and confectioners, with three main brands: Jacquet, Brossard and Milcamps. In 2024, the group generated sales of €380 million, split between bread (60%), pastries (35%), crisps (3%) and biscuits (2%). Formed in 2011 through the merger of sandwich loaf specialist Jacquet and industrial cake specialist Brossard, the group operates seven production facilities and employs several hundred people.
A win-win situation
The transaction will allow Jacquet Brossard to refocus on its core business. Meanwhile, Poppies Bakeries is strengthening its production and distribution capabilities in the waffle sector by acquiring a well-known brand. The family-owned Belgian group currently employs 1,400 people across 14 production sites in Europe and the United States. Specialising in industrial pastries, the group now operates in 64 countries.
Towards greater specialisation
The sale of Milcamps forms part of Jacquet Brossard’s broader strategy. The group has carried out a number of disposals with the aim of concentrating its resources on the speciality breads and pastries market. For example, in May 2010, the company sold its frozen products division to Iceland’s Alfesca, thereby exiting the production of petit fours and pizzas. These moves are in line with the group’s strategy of focusing its resources on higher-value activities while abandoning those requiring specific industrial expertise. This trend towards specialisation is also evident among other players in the food industry. For example, in the summer of 2025, Confiserie du Tech acquired La Cure Gourmande. This acquisition was made within the same market segment, enabling Confiserie du Tech to rationalise its production lines.
Our experts at your service
In view of the current challenges facing the sector, mergers make perfect sense. According to figures from the ANIA (National Association of Food Industries), energy prices have risen by 2.4% over 2025, while payroll and transport costs have risen by 4.3% and industrial raw material costs by 3.7%. These increases are exacerbated by new consumer expectations, with people becoming increasingly concerned about their environmental footprint. In this period of consolidation in the agri-food sector, AURIS Finance’s experts are here to support you. Our specialists will assist you throughout your sale, buyout or financing search.
