Mexico’s Bimbo Group is investing US$ 650 million (€555.2 million) to acquire foodservice company East Balt Bakeries.
The acquisition, to be funded with an existing long-term revolving credit facility, is in line with Bimbo Group’s global growth strategy in high-growth segments and markets, enabling it to enter eight new countries.
The deal has been approved by the board of directors of Bimbo Group and by East Balt Bakeries and is expected to close during the second half of the year, following regulatory approvals.
Chicago-based East Balt Bakeries produces nearly 13 million baked goods each day (including English muffins, rolls, tortillas, bagels, and artisanal breads) and supplies them to more than 10,000 locations, predominantly to QSRs and fast food outlets around the world.
The company operates 21 bakeries in 11 countries across the US, Europe, Asia, the Middle East and Africa, including two joint ventures, generating annual sales of approximately US$ 420 million (€358.7 million).
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine