George Weston has announced it has entered into an agreement to sell its Weston Foods fresh and frozen business to affiliated entities of FGF Brands, a technology-oriented bakery company, for an aggregate cash consideration of C$1.2 billion ($970.6 million).
The Weston Foods fresh and frozen bakery businesses serve retail and foodservice customers with packaged fresh bread and rolls and alternatives, as well as frozen and artisan bread and rolls, cakes, doughnuts, and pies throughout Canada and the US.
“The Weston Foods business has been the foundation for the Weston Group in Canada since its establishment in 1882 and the decision to sell it was a difficult one”, said Galen G Weston, Weston Foods chairman and chief executive officer. “However, we are pleased that the purchaser of the fresh and frozen businesses is FGF, another long-standing family business with a strong presence in bakery and a significant footprint in Canada. With FGF as the new owner, the business will be in good hands”.
Source: George Weston (via PR Newswire)