SCHLIEREN, SWITZERLAND — Grupo Bimbo SAB de CV has reached an agreement to acquire the Brazil businesses of Aryzta AG. Financial terms of the transaction, which is expected to close by the end of the second quarter of Aryzta’s fiscal 2022 year, were not disclosed.
“The successful sale of the Brazil businesses is a further positive step in the delivery of our strategy to rebuild Aryzta’s leadership in bakery in Europe and Asia,” said Urs Jordi, chairman and interim chief executive officer of Aryzta. “Aryzta’s disposal program since September has exceeded expectations in all regards and accelerates the group’s journey to financial stability. Our focus will now center on delivery of sustainable organic growth and achieving industry profitability and efficiency levels through our multi-local business strategy.”
Aryzta has operated in Brazil since 1987. The company’s businesses in the country include a broad range of products, including bread, buns, cakes, croissants, pies, muffins, cookies, brownies, cinnamon rolls, cheesecakes and quiches.
Earlier this year Aryzta sold its North American baking business (now operating as Aspire Bakeries) to private equity firm Lindsay Goldberg for $850 million. Shortly after that, the company sold its sandwich business in Switzerland to Bell Food Group.
In addition to the disposal of its Brazil businesses, Aryzta announced it has entered into an underwritten agreement with three banks for a new €500 million revolving credit facility. The facility is expected to be utilized by early October 2021 and is underwritten by Credit Suisse, Rabobank and UBS and will replace the current €800 million revolving credit facility that matures in September 2022.