Aryzta Completes Picard Deal
August 21
10:12
2015
Aryzta, the Zurich-based global speciality bakery business, has completed the €446.6 million acquisition of 49% of Picard, a speciality premium French food business, following receipt of all necessary regulatory clearances. Aryzta has the right to exercise a call option in three to five years to acquire 100% of Picard.
Picard’s FY 2015 revenue is €1.37 billion and its March 2015 EBITDA run-rate is €192 million. Picard has an enterprise value of €2.25 billion. Picard will be treated by Aryzta as an associate.
