Irish retail and wholesale company Musgrave has acquired La Rousse Foods from Aryzta for an undisclosed sum.
Earlier this year Swiss-Irish company Aryzta reported revenue down 2.1% to €3.8 billion, and a net loss of €970.8 million, leading to speculation that it could sell of its assets.
Aryzta CEO Kevin Toland then bought more than $100,000 worth of shares as a vote of confidence in the struggling bakery group.
The Irish Times reported earlier in the year that La Rousse – which Aryzta bought in 2015 – could be worth around €30 million.
With offices in Dublin and Belfast, La Rousse serves more than 1,500 customers. Musgrave’s intention is that La Rousse will continue to operate as a standalone brand.
Commenting on the deal, Musgrave CEO Chris Martin said: “La Rousse Foods is an excellent strategic fit for our business and complements our market-leading foodservice offer.
“We look forward to working with the La Rousse Foods team and customers who will benefit from the support of Musgrave in terms of supply chain infrastructure and access to an increased product range.
“The acquisition forms part of our growing good business strategy, which focuses on growing our brands in the food market across the island of Ireland.”
© FoodBev Media Ltd 2017