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Mexico’s Grupo Bimbo has signed an agreement to acquire Brazilian bakery firm Wickbold for an undisclosed sum.

The transaction includes the Wickbold and Seven Boys brands, which encompass packaged bread, sweet baked goods, cookies, bisnaguinhas and panettones. Wickbold acquired Seven Boys in 2015.

As part of the deal, Grupo Bimbo will take on Wickbold’s four manufacturing facilities in southern Brazil, boosting the Mexican baked goods company’s presence within the nation.

Rafael Pamias, CEO of Grupo Bimbo, said: "This family-owned business complements our brand portfolio with brands that consumers love and better positions our company in the south region of Brazil”.

In April this year, Grupo Bimbo promoted Rafael Pamias to CEO, succeeding Daniel Servitje, who was Bimbo’s CEO since 1997. Servitje transitioned to a newly established position of executive chair.

The transaction, which will see more than 2,500 Wickbold associates will transfer to Grupo Bimbo, is subject to regulatory approvals.

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