The Swiss-Irish group continues to simplify its business model with the sale of its Brazilian operations to Grupo Bimbo SAB de CV. Its aim to rebuild as a bakery leader in Europe and Asia has also been given a boost with a new €500m revolving credit facility.
Aryzta s third quarter revenues dip by 3 5% rte.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rte.ie Daily Mail and Mail on Sunday newspapers.
Aryzta completes sale of North American business Deal included La Brea, Otis Spunkmeyer and Fresh Start bakeries
about 7 hours ago
Swiss-Irish bakery group Aryzta said it has completed the sale of its North American business in the USA and Canada to an affiliate of US private equity firm Lindsay Goldberg.
The transaction, which had a price tag of $850 million (€706 million), has been completed early, with initial estimates putting the completion date before the end of July.
Chairman and interim chief executive of Aryzta, Urs Jordi, welcomed the early conclusion of the deal, saying it allowed management to fully focus on following through on the delivery of improved business operational performance and returning to organic growth.
The frozen bakery specialist said revenue and EBITDA ‘ahead of expectations’ thanks to a simplification of its business model which has seen it secure a sale of the North American businesses
Aryzta s half yearly revenues down 22%
Updated / Monday, 15 Mar 2021
07:39
Aryzta chairman and interim CEO Urs Jordi
Baked goods group Aryzta has reported a 22% decline in revenue for the half year to almost €1.3 billion and an underlying net loss of €16.4m.
This is down from a profit of €34.3m the same time last year.
The group had set a target of €600-800m of proceeds from asset disposals which it achieved in one swoop over the weekend with the sale of its North American operations to private equity firm Lindsay Goldberg for $850m.
Aryzta s North American business includes artisan bread brand La Brea and cookie and muffin brand Otis Spunkmeyer.