Toronto-based food distributor George Weston Ltd. reports that its Maplehurst Bakeries LLC unit agreed to acquire Keystone Bakery, a U.S. maker of frozen desserts, for $185 million. The transaction is subject to U.S. regulatory approval.
The deal will help the company expand in the North American sweet baked goods sector, according to W. Galen Weston, chairman of George Weston
Keystone Bakeries LLC, Manchester, N.H., includes Freed’s Bakery in Manchester, which makes frozen iced cupcakes; Granny’s Kitchens, Frankfort, N.Y., which produces pre-fried and thaw-and-sell donuts; and Heartland Baking of DuQuoin, Ill., which bakes thaw-and-serve cookies.
George Weston’s Weston Foods segment offers products for the North American baking industry while its Loblaw segment is a Canadian food distributor. The company also operates Loblaw Cos. Ltd.
“The combination of Keystone Bakery and Weston's baking operations in the United States and Canada will allow us to better serve our customers in the North American sweet baked goods sector," Weston says.