Origin expands with €28m CM takeover
CM is currently owned by British agri group, Carrs Milling Industries, and that company’s shareholders need to approve the deal before its completion.
Dublin-based Origin — which is over 71% owned by Irish-Swiss bakery giant, Aryzta — will buy CM for £19m, with the consideration rounded out by it also inheriting just under £6m in debt. Origin said, yesterday, that it will pay for the deal through its existing bank facility and that CM should be earnings enhancing from the deal’s completion. That date should follow shortly after Carrs’ shareholders’ meeting on July 13.
