Europastry confirms deal for US peer Highland Baking

Europastry is acquiring US concern Highland Baking Company arsenic the Spanish bakery radical expands its beingness successful North America.

In a connection contiguous (23 June), Europastry confirmed it has reached an statement to bargain the Illinois-based, family-owned business. Financial presumption were not disclosed.

Europastry said the acquisition marks a "defining step" successful its North American strategy, bringing unneurotic 2 businesses with "complementary capabilities and products".

The woody volition besides assistance the group's yearly gross supra €2bn ($2.28bn), it added.

Europastry enforcement president Jordi Galles said: "This transaction is overmuch much than an acquisition: it is the coming unneurotic of 2 companies that stock values, a semipermanent imaginativeness and the aforesaid attack to business.

"This is an breathtaking accidental to make a broader, planetary bakery business, allowing Europastry and Highland Baking to some execute their afloat potential."

Highland Baking, founded successful 1984, supplies bakery products to the foodservice sector. Its portfolio includes hamburger buns, pretzel, ciabatta and cookware breads, among different lines.

The institution runs 2 accumulation sites, successful Northbrook, Illinois and successful Spartanburg, South Carolina.

Highland CEO and typical of the founding household Stuart Rosen said: "We person recovered successful Europastry the cleanable spouse to instrumentality the adjacent measurement successful our development, portion preserving our individuality and firm culture.

"This is simply a genuinely historical operation with a compelling taste and strategical fit. The transaction creates caller and breathtaking opportunities for our employees, customers, and suppliers."

The woody is expected to adjacent successful the 2nd fractional of this year, taxable to customary conditions including regulatory approvals.

Europastry plans to motorboat a "significant" concern programme successful the US aft completion. The inaugural volition absorption connected expanding accumulation capableness and broadening the merchandise portfolio.

The radical operates successful much than 90 countries and employs implicit 5,500 people.

Last year, Europastry acquired 60% involvement successful Thailand-based Art of Baking, which produces ready-to-eat and frozen bakery products.

The institution has besides made 2 attempts to motorboat an IPO but cancelled some owed to "heightened volatility" successful the market.

"Europastry confirms woody for US adjacent Highland Baking" was primitively created and published by Just Food, a GlobalData owned brand.