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I've only done one exit, but it was textbook

Paul Baker, co-founder of St Pierre Groupe
Food & drink | North West

Paul Baker and his co-founder, Jeremy Gilboy, established Manchester-based bakery business St Pierre Groupe in 1996.

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.

Backed by BGF from 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 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.

BGF & St Pierre Groupe

BGF invested £8m in St Pierre Groupe in 2018 and exited the investment at a 9.6x multiple in 2022 when the business was acquired by multinational baker Grupo Bimbo. St Pierre Groupe products are stocked in over 35,000 retail and wholesale stores worldwide, as well as online in the UK, US, Europe and Middle East.

Once we went to America and realised it was going to take off, it was like holding on to a whale’s tail. It just kept growing and growing and growing.