Grupo Bimbo has acquired St Pierre Groupe, a maker of brioche products which has a growing U.S. presence. Grupo Bimbo's third-quarter financial results report briefly mentioned the transaction.
The report says that Grupo Bimbo's total debt on September 30 was Ps. 100 billion, compared to Ps. 93 billion on December 31, 2021. The increase was "primarily due to the capital investments, share buybacks, and the acquisition of St Pierre."
A spokesperson for St Pierre Groupe commented, “St Pierre Groupe is an entrepreneurial business that has achieved phenomenal success, both at home and internationally, using insight to develop brands and products that carry global appeal. Through its exceptional branded propositions, the business has made St Pierre the biggest brioche brand in America and the UK."
On an October 27 conference call, Grupo Bimbo executives didn't share much information about the acquisition, only saying that the transaction closed in the last days of the third quarter, around September 30.
"Grupo Bimbo is glad to announce the agreement to acquire the St. Pierre Groupe. This acquisition aligns with Grupo Bimbo's strategy to continue growing while positioning itself with premium brands and grain-based products," said a spokesperson from Grupo Bimbo.
St Pierre was rumored to possibly be up for sale. BusinessLive, a brand of UK's reach PLC, said in July that the group was “weighing up a £200m full or partial sale" and had employed an investment banking business to look into strategic options.
“This is a fantastic achievement for our business and we are excited for the opportunities we will be able to take advantage of as part of the Grupo Bimbo family. Grupo Bimbo is the largest baking company in the world, with the right infrastructure and expertise to propel our brands on to even greater success. St Pierre Groupe has been bought in its entirety and will continue to operate independently," said St Pierre's spokesperson.