IAWS buys French bakery firm

IAWS Group has announced the acquisition of Groupe Hubert, a leading developer and distributor of bakery products in France.

Coup de Pates is Groupe Hubert’s principal brand for its range of bakery goods and savoury products.

The deal is worth €130m, of which €105m will be payable in cash on completion of the deal.

The balance of €25m will be paid if agreed profit targets are achieved over a five-year period.

Groupe Hubert had a turnover of €120m for the year ending September 30, 2004 and operating profit of €10.6m.

The company had net assets of €25.62m at that date.