Aryzta uses Origin sale to expand

Irish-Swiss baked foods business Aryzta is using the €400m or so it will get from the near halving of its stake in Dublin-based agri-services business, Origin Enterprises to acquire a 49% stake in French speciality premium food business Picard.

Aryzta — established by the 2008 merger between the former IAWS Group and Swiss company, Hiestand — will pay €446.6m for the stake (largely from what was raised from its sale of 49 million shares in Origin last week) and will have the option to take 100% control of the French business in three-to-five years time and will have two seats on the company’s board.

Aryzta said, yesterday, it has entered into exclusive negotiations with Lion Capital — Picard’s owner — regarding the strategic investment.