CSM, Bakery Supplies North America, plans to acquire Best Brands of Minnetonka, Minn. According to Reuters, CSM will pay $510 million for the purchase, which will finance the deal with existing credit facilities. Best Brands reportedly had about $538 million in sales in 2009.

According to CSM, the combined sales of the two companies will be in excess of $2.3 billion. Best Brands has a leading position in value-added frozen products sold to in-store bakeries, which complements CSM's HC Brill product and customer portfolio.

"I am very excited about the prospect of Best Brands joining forces with CSM and Brill,” says Bret Weaver, president of HC Brill, Tucker, Ga. “Both organizations have a tremendous passion for the baking industry and both operate under a highly service- and performance-oriented culture."

The transaction is subject to regulatory review and expected to be completed in March.