ABF snaps up NZ’s Abe’s Bagels

Associated British Foods has acquired New Zealand bagel shaper Abe’s Bagels done its determination subsidiary George Weston Foods.

Financial presumption were not disclosed.

The woody was confirmed successful a LinkedIn station by Catherine Parlane, the wide manager of income and selling astatine the private-equity-backed Abe’s Bagels.

“I’m arrogant to stock that Abe’s Bagels has been acquired by George Weston Foods,” she wrote, adding that the marque holds astir 75% of the bagel marketplace crossed Australia and New Zealand, generating much than NZ$50m (US$29.7m) successful revenue.

Abe’s Bagels was acceptable up successful 1996 and, anterior to its merchantability to ABF, was owned by private-equity firms Marmont Capital and Altered Capital.

Just Food has contacted ABF for a remark connected the deal.

George Weston Foods is 1 of Australia and New Zealand’s largest nutrient manufacturers, employing much than 6,000 radical crossed 60 sites, according to its website.

The radical owns section bakery brands including Tip Top and Abbotts Bakery.

The acquisition comes arsenic London-listed ABF prepares a wider overhaul of its structure.

In April, the radical said it would divided its nutrient operations from retailer Primark into 2 separately listed FTSE companies by the extremity of 2027.

Group main enforcement George Weston said astatine the clip the demerger would make “the lone FTSE-100 pure-play nutrient producer”.

Weston added: “We built a differentiated, truly rather antithetic planetary nutrient radical that operates crossed aggregate parts of the food-supply chain. It gives america resilience. It positions america good for semipermanent structural maturation trends that we spot successful nutrient demand.

“At the bosom of the concern are beardown brands and ingredients platforms. We inevitably, due to the fact that we conscionable do, person a good invested plus base. These characteristics volition let america efficaciously to vie and to grow. In turn, it volition alteration america to present attractive, sustainable returns to shareholders.”

ABF is besides pursuing the acquisition of UK bakery concern Hovis, announced past August and inactive nether contention review.

"ABF snaps up NZ’s Abe’s Bagels" was primitively created and published by Just Food, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.