Private equity firm Swander Pace Capital is set to sell Ontario-based portfolio company Pineridge Bakery to Switzerland-based food business Aryzta for $340m.
Pineridge Bakery provides fresh and frozen private label and branded baked goods.
Swander Pace Capital gained control of the baking firm in 2007; since then, the business has seen revenue grow to C$230m.
The transaction, which is subject to review by the Canadian Competition Bureau, is expected to close in the second quarter of 2014.
Swander Pace Capital managing director Andrew Richards said, "This transaction is the culmination of a successful six-plus-year partnership, and it's a great result for all parties.
"Pineridge Bakery will be able to transition their momentum to a new partner with tremendous experience and global reach; ARYZTA acquires a leader in its space in North America; and we are able to return a significant result to our investors while leaving a growing company in capable hands."
Swander Pace Capital director Heather Smith Thorne said, "We collaborated with management on a number of strategic growth initiatives to help the company expand its reach across Canada and into the United States and we look forward to watching Pineridge Bakery continue its success as part of ARYZTA."
