Billionaire Westons could seek food unit deals, Scotia says
Marcy Nicholson, Bloomberg News VIDEO SIGN OUT
Canadaâs billionaire Weston family may look for deals in its namesake food business after restoring its profitability, according to Scotia Capital Inc.
George Weston Ltd., the Toronto-listed holding company that controls supermarket chain Loblaw Companies Ltd., could either bulk up or sell Weston Foods, its smallest business unit, Scotia Capital analyst Patricia Baker said Thursday in a report to investors.
Weston Foods, which makes bread, doughnuts and other baked goods under a variety of brands, contributes an estimated four per cent of George Westonâs revenue and âthe company has stated that this business would eventually become larger via M&A or could possibly be divested,â Baker wrote after hosting a call with Richard Dufresne, George Westonâs president and chief financial officer.