LET'S MAKE A DEAL
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 partnerAryzta AGfor 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 ofFresh Start Bakeries, a Brea, Calif., fresh and frozen bakery foods company; andGreat Kitchens, a frozen pizza and contract bakery specialties company in Romeoville, Ill.
Refrigerated juice processorCountry Pure Foods, Akron, Ohio, said it was acquired byMistral Equity Partnersand management from the affiliates ofFirst Atlantic CapitalandDN 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.
Let's Make a Deal: Maidstone Bakery, Country Pure change owners
August 14, 2010