Grupo Bimbo, S.A.B. de C.V. on May 23 completed its acquisition of Canada Bread Co. Ltd.
Grupo Bimbo said the integration of Canada Bread will be reflected in its consolidated second-quarter results starting on May 23.
With the acquisition, Grupo Bimbo gains a major foothold in the Canadian market through Canada Bread’s portfolio of brands that includes Dempster’s, Pom, Villaggio, Ben’s, Bon Matin and McGavin’s. Canada Bread employs approximately 5,400 associates and operates 25 bakeries in Canada, the United States, and the United Kingdom, as well as Canada’s largest direct-store delivery network for fresh bakery that reaches more than 41,000 points of sale.
Grupo Bimbo announced in February its agreement to acquire Canada Bread in a transaction valued at $1,663 million. The acquired company has annual sales of $1,300 million and is a baker and marketer of value-added flour-based products, including fresh bread, rolls, bagels and frozen partially baked or par-baked breads and bagels. The company was 90% owned by Maple Leaf Foods Inc. Its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.
