Aryzta buys two bakeries to expand in the US and Canada
Aryzta continues to make "excellent progress" with its customer centric strategy, after purchasing two bakeries for €730 million
14 March 2014
Cuisine de France parent company Aryzta has bought two bakeries in the US and Canada. The company has paid €730 million for Pinebridge Bakery in Canada and Cloverhill Bakery in the US, which had combined sales last year of €400m and profits of about €50m.
Sixty-year-old Pineridge’s products include thaw-and-sell and ready-to-serve goods; while Cloverhill offers individually wrapped pastries.
Aryzta bought Klemme for €280m last year, its biggest purchase since 2010, which gave it access to more than 2,500 bakery products and a big presence in German retailers Aldi and Lidl.
Owen Killian, chief executive officer told The Irish Times that Aryzta continues to make "excellent progress" with its customer centric strategy.
"We have begun to undertake consolidation opportunities to extend market share and customer relevance in what is a fragmented sector. Continued financial discipline and strong cash generation will support these growth strategies, as well as improve our overall risk profile. We are guiding double digit growth in underlying EPS for FY 2014," he said.
Aryzta was formed through the merger of Ireland’s IAWS and Switzerland’s Hiestand Holdings in 2008.