Swiss Food Co. Aryzta Pays $1B For 2 Competing Bakeries

Law360, New York (March 10, 2014, 5:43 PM EDT) -- Swiss bakery giant Aryzta AG has cooked up deals to buy North American competitors Cloverhill Bakery and private equity-backed Pineridge Bakery for a combined €730 million ($1 billion), plus additional post-acquisition investments of approximately €70 million, Aryzta announced Monday.

In a move the company hopes will turn the tide of slowing North American revenue, Aryzta paid $340 million for Ancaster, Ontario-based Pineridge — according to a statement from Pineridge’s seller, private equity firm Swander Pace Capital — and, based on that price, approximately $660 million for Cloverhill.

Aryzta, a...
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