Let's Make a Deal: Maidstone Bakery, Country Pure change owners
Canadian fast-food restaurant operator Tim Horton's Inc., Oakville, Ontario, said it sold its 50 percent interest in a Brampton, Ont., frozen bakery, Maidstone Bakeries, to joint venture partner Aryzta AG for gross proceeds of CAD$475 million.
Terms provide for Maidstone to provide products (donuts and Timbits) and pricing formula commitments that extend until early 2016. Aryzta, Zurich, Switzerland, said Maidstone is operating at approximately 55 percent capacity and can grow by supplying sandwich carriers, hand-held snacks and breakfast products (sweet and/or savory) to more quick-service restaurant operators.
The Maidstone deal follows Aryzta's recent purchases of Fresh Start Bakeries, a Brea, Calif., fresh and frozen bakery foods company; and Great Kitchens, a frozen pizza and contract bakery specialties company in Romeoville, Ill.
Refrigerated juice processor Country Pure Foods, Akron, Ohio, said it was acquired by Mistral Equity Partners and management from the affiliates of First Atlantic Capital and DN Partners. Terms were not disclosed. Mistral officials said Country Pure's management under President & CEO Raymond Lee will remain unchanged and continue to have an ownership position in the company. Country Pure Foods supplies juice to retailers, schools, hospitals and institutions nationwide and is also a contract processing partner for a number of nationally branded juice companies.