Stories of Growth

Paul Baker, St Pierre Groupe: “A textbook exit”

As part of our Stories of Growth series, learn how a Manchester-based bakery brand achieved world domination with brioche buns.

8 February 2023
“Once we went to America, it was like holding on to a whale’s tail. It just kept growing and growing and growing.”

Co-founders Paul Baker and Jeremy Gilboy established Manchester-based bakery business St Pierre Groupe in 1996. The company’s products are now stocked in over 35,000 retail and wholesale stores worldwide, as well as online in the UK, US, Europe and Middle East.

Despite his surname, Paul insists he did not intend to become a baker. But when an early entrepreneurial venture failed, he felt he had no choice but to learn the art of bread-making.

Securing £8m from BGF in 2018, St Pierre Groupe achieved a successful international expansion, especially in the US, where its brioche burger buns were a bestseller. In late 2022, BGF exited its investment, when the business was acquired by multinational bakery business Grupo Bimbo. The standout exit achieved a multiple of 9.6x for BGF.

In this video interview, Paul tells the story of how he and his team created a global brand. It’s a story involving road trips across the US in a V8 Dodge Challenger, a supportive relationship with BGF’s team, and lots and lots of brioche.

Latest insights