Galana - Squarefield

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Squarefield acted as exclusive financial advisor to Galana on the sale of its Bakery and Ice Cream activities to Mademoiselle Desserts

On May 5, 2023, the shareholders of Galana, a producer of frozen bakery and ice cream products and a trader of seafood products, entered into an agreement to sell its Bakery and Ice Cream activities to industry peer Mademoiselle Desserts, a pan-European producer of frozen pastries and desserts.

With a persistent devotion to quality, sustainability, and a focus on innovation, Galana offers its retail and foodservice customers best-in-class products, and it is best known for its chocolate lava cakes and muffins.

Mademoiselle Desserts will take over the full bakery and ice cream operations in Waregem, Belgium, including the Beldessert (bakery) and Pagotini (ice cream) brands. Galana and Mademoiselle Desserts share the same commitment to produce premium products, based on high quality ingredients, which is made possible by a loyal and entrepreneurial workforce.

For Mademoiselle Desserts, this acquisition represents another step in the acceleration of its international expansion and strengthening its position in the Benelux market, with the addition of an operational foothold in Belgium. By leveraging the international network and offering a complementary portfolio, Mademoiselle Desserts and Galana can jointly expand their worldwide export share, diversify their customer portfolio, and unlock commercial synergies.


Galana was established in 1990 as an import and export company of frozen fish and seafood and expanded and diversified its activities with the production of frozen bakery products and ice cream products, represented by the brands Beldessert and Pagotini, respectively. Galana offers both branded and private label products, including, its famous, lava cakes, muffins, mini filled tartlets, cheesecake, ice cream, sorbet ice and mousses, to global customers in retail and foodservice. Products are sold in more than 50 countries. Galana is headquartered in Waregem, Belgium from where it operates a well-invested and automated production plant and freezing storage, organised according to the highest quality standards.

“The Squarefield team assisted us with dedication and expertise throughout the process. Their guidance, knowledge, integrity and support have been invaluable. The success of this transaction is in no small part due to all their efforts.”

Ms. Grete Ragolle and Mr. Lieven Baert – Directors and owner of Galana

Mademoiselle Desserts

Mademoiselle Desserts is a leading pan-European producer of frozen pastries and desserts, offering a wide range of French pastries and English cakes & desserts in the premium categories. Mademoiselle Desserts sell their assortment to some of largest organisations in the European retail, foodservice and bakery markets, supported by a group of more than 1,900 employees spread across Europe. Mademoiselle Desserts operates 11 production facilities, of which seven are located in France, three in the UK and one in the Netherlands, where it combines traditional recipes with industrial processes, with a constant focus on product quality, innovation, operational efficiency, and safety. Mademoiselle Desserts is committed to the best CSR standard, which is evidenced by being accredited with the B Corporation certification. Mademoiselle Desserts is private equity-backed by IK Partners with its headquarters in France.