Grupo Bimbo acquires Beefsteak, names new chairman
Grupo Bimbo, S.A.B. de C.V., Mexico City, announced that Bimbo Bakeries USA Inc. (BBU), its Horsham, Pa.-based United States business, has completed its $31.9 million purchase of the Beefsteak brand, acquired as part of the Hostess Brands bankruptcy proceedings. The transaction was funded with cash holdings.
Beefsteak is one of the largest volume selling rye breads in the United States and has a strong, established presence in the Midwest and Mid-Atlantic regions, according to Grupo Bimbo.