Mexican bakery firm Grupo Bimbo has acquired East Balt Bakeries, a US foodservice supplier of bakery products, for $650 million.
With annual sales of over $420 million, East Balt Bakeries is a leading producer of bakery products with a presence across 11 countries in the US, Europe, Asia, the Middle East and Africa.
“With the entry into eight new countries, this acquisition boosts the company’s vision of expanding our global leadership to better serve more consumers”, said Daniel Servitje, chairman of the board of directors and general manager of Grupo Bimbo. “East Balt has long term strategic relationships with the most relevant brands in the world. We expect East Balt’s employees to join the Grupo Bimbo family soon and continue to grow together”.
The transaction, which is expected to close by the second half of 2017, represents Grupo Bimbo’s highest value acquisition since the 2014 deal to buy Canada Bread.
Sources: El Economista