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SILVERWOOD PARTNERS ADVISES TITTERINGTON’S OLDE ENGLISH BAKE SHOP, LTD. IN SALE OF BUSINESS TO CSM NV (CSMNC: AS) FOR $23.4 MILLION

SHERBORN, MA – June 11, 2007

Titterington’s Olde English Bake Shop, Ltd. (“Titterington’s),a Woburn, Massachusetts-based manufacturer of premium thaw-and-serve baked goods to the food service industry, has been acquired by CSM nv (CSMNc: AS) for $23.4 million. Titterington’s products include scones, muffins, loaf cakes, cookies and pastries and the Company’s customers include leading U.S. food service retailers. CSM nv is a Netherlands- based company with 2006 revenue of over €2.42 billion that develops, produces, sells and distributes food ingredients and bakery supplies worldwide. Silverwood Partners was the exclusive financial advisor to Titterington’s.

Titterington’s is a successful and leading supplier of thaw & serve products like scones, muffins, cakes and pastries to the food service and out-of-home market segments. Titterington’s operates a production facility in Woburn and has 190 employees. Sales amount to USD 30 million. This acquisition is an excellent fit with CSM’s growth strategy in these segments.

Reinoud Plantenberg, CSM board member and responsible for Bakery Supplies North America, said: “This acquisition gives us a very good stepping stone into the fast growing food service and out-of-home market segments and will therefore create additional value for CSM.”

About Titterington’s

An originator of the scone in America, Titterington’s began in 1986 baking authentic English scones for local gourmet shops. Today, Titterington’s is a national bakery supplier specializing in scones, cafe and single serve cookies, cafe and single serve loaf cakes and brownies, biscuits and other fine baked goods working with national foodservice accounts, national retail supermarkets and specialty all natural markets. For more information, please visit www.titteringtons.com.

About CSM

CSM nv is a global producer and distributor of bakery products and food ingredients. CSM’s main product groups are bakery ingredients and products, lactic acid, and lactic acid derivatives. With these activities CSM generates annual sales of EUR 2.4 billion; it has a workforce of around 8,200. CSM operates in Europe, North America, Brazil, and Asia. For more information, please visit www.csm.nl.

About Silverwood Partners

Silverwood Partners is a sector focused investment bank that provides M&A and private capital raising advisory services to information, communications, financial services, and digital imaging technology companies, and healthcare, industrial and consumer companies. Silverwood delivers acquisition, divestiture or corporate sale advisory, strategic-financial advisory and institutional financing services to companies in its targeted business sectors. For additional information, please visit www.silverwoodpartners.com.

Important Information

This release may include forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, about the future performance of one or more public companies. There are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, such as the competitive market in which any company operates, market acceptance of a public company’s existing and new products, a public company's ability to anticipate customer needs and the other factors set forth under the caption “Certain Factors That May Affect Future Results,” or similar, in a public company’s filings with the Securities and Exchange Commission or other similar regulatory agencies in non-U.S. jurisdictions. In addition, any forward-looking statements contained herein represent an estimate only as of the date of such statement and should not be relied upon as representing an estimate as of any subsequent date.

Press Contact
Jonathan Hodson-Walker
Managing Partner
Silverwood Partners
T. 508-651-2194
E. This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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