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Aryzta AG, Zurich, says it is acquiring 100% of Pineridge Bakery, Ancaster, Ontario, and Cloverhill Bakery, Chicago. The combined consideration of these acquisitions is 730 million euros (approximately $1 billion), according to the Swiss company. It plans to invest an additional 70 million euros ($97 million) into the companies following the acquisition to support strong growth and integration.
Owned by Swander Pace Capital, Pineridge Bakery is a leading Canadian specialty bakery that manufactures and markets frozen and fresh specialty baked goods produced by two operating subsidiaries, Oakrun Farm Bakery and Gourmet Baker. The company sells private label and branded products in the foodservice, in-store bakery, convenience and grocery channels in North America.
Founded in 1961, Cloverhill Bakery produces individually wrapped pastries, including cinnamon rolls, crumb cakes, cake donuts, honey buns and muffins for retail and foodservice customers.
Sources: Arzyta AG, Business Wire