Aryzta splashes out €900m on US firms

ARYZTA, the food company formed from the merger of IAWS and Swiss bakery group Hiestand, has spent $1.08 billion (€900m) to acquire Fresh Start bakeries and Great Kitchens in the US.

It is expected the deals will add as much as 45 cents to earnings per share in the first 12 months.

The deals involve a $900m payout for Fresh Start and $180m for Great Kitchens. Financing the takeovers will be achieved with cash, bank borrowings and $140m worth of Aryzta shares.