Aryzta to divest remaining stake in Picard

Bakery company Aryzta has reached an agreement with Lion Capital and Invest Group Zouari (IGZ) to sell its remaining 4.64% stake in Picard for around €24 million.

In 2019, Aryzta announced the sale of the majority of its interest in the French frozen food producer to IGZ.

Tunisia-based IGZ acquired the 43% Picard stake for €156 million, leaving Aryzta with a less than 5% interest, which it said would be “monetised at a later stage”.

The new deal is expected to close early in the first quarter of this year.

Aryzta chairman Urs Jordi, who has also been serving as the company’s interim CEO since late last year, said: “The board and management of Aryzta is now fully focused on delivering its two-part plan to improve the business performance, reduce costs by 25% and significantly strengthen its balance sheet with the planned disposal of its Americas businesses.”

Aryzta recently announced that it intends to dispose of its businesses in both North America and Latin America.

The troubled bakery group reported that its net debt stood at €1.01 billion on 1 August 2020, the end of its last financial year.