Grupo Bimbo announces the adquisition of Saputo Bakery INC. in Canada
Grupo Bimbo S.A.B. de C.V. (“Grupo Bimbo”) (BMV: BIMBO) today announced that its subsidiary Canada Bread Company, Limited (“Canada Bread”) has reached an agreement to acquire the total shares outstanding of Saputo Bakery Inc., a subsidiary of Saputo Inc., for an aggregate cash price of CAD$120 million.
Saputo Bakery is the leading producer of snack cakes in Canada. This operation will position Canada Bread for further growth in the country, complementing its current product portfolio, distribution network and manufacturing facilities. The acquisition includes well-positioned brands such as Vachon®, Jos Louis®, Ah Caramel®, Passion Flakie® and May West®, among others. The Company employs more than 640 associates and operates one production facility in Quebec.
In accordance with the due diligence completed by Grupo Bimbo, this new operation is expected to generate annual sales of over CAD$130 million and adjusted EBITDA of CAD$15.5 million.
The transaction is conditional upon receipt of customary regulatory approvals and is expected to close during the first quarter of 2015.
