Switzerland-based Aryzta A.G. is set to ramp up its presence in North America by acquiring Canada-based Pineridge Bakery and Chicago-based Cloverhill Bakery for total consideration of approximately $1,013 million. The two companies experienced combined revenues of about $555 million in 2013 with double-digit revenue growth and margins comparable to Aryzta’s food group margins.
“These acquisitions will significantly enlarge Aryzta’s manufacturing footprint in North America,” according to Aryzta. “They extend Aryzta’s customer access in Canada and product portfolio in the U.S. by providing an attractive entry point into the high growth North American snacking market through leveraging these businesses successful customer partnership modes.”