Aryzta Sells North American Bakery Business to Equity Firm
March 17, 2021
The business-to-business maker of ready-to-bake goods withdraws from the U.S. and Canada.
Aryzta AG announced it's selling its Aryzta North America bakery business, which includes brands Otis Spunkmeyer, Oakrun Farm Bakery and La Brea Bakery, to private equity firm Lindsay Goldberg LLC for $850 million in cash.
The Swiss parent firm pieced together the North American business via a series of acquisitions beginning in 2001. The business makes fresh, frozen and ready-to-bake products for retailers, foodservice and restaurants. The North American website claims 19 bakeries and kitchens, two in Canada and the rest in the U.S.
Aryzta AG came under shareholder pressure last year and rejected a buyout proposal from UK's Elliott Advisors. In response, the company announced it would sell off its Latin and North American businesses to focus on the European and Asia-Pacific markets. North American sales accounted for 43% of the firm's $3.6 billion in global revenues. Aryzta sold some U.S. assets, including one of the company's Chicago Cloverhill bakery facilities and its Big Texas and Cloverhill brands, to Hostess in 2018.
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