IAWS buys 80% of Californian bakery - IAWS Group - Brief Article - Statistical Data Included

Eurofood, August 2, 2001

Irish firm IAWS has agreed to acquire an 80% stake in Californian bakery La Brea Bakery Group, in a deal worth US$55m (64m [European Dollar]).

The deal further strengthens IAWS' position in North America, having earlier this year embarked on a joint venture with Canadian firm Tim Hortons (see Eurofood, 29 March 2001, p2). The deal with La Brea Bakery Group also sees IAWS assume US$13.5m in debt. This latest acquisition by IAWS continues its strategy to expand into the convenience consumer foods sector. In 1998, IAWS acquired Cuisine de France, and it has since swallowed the likes of Delice de France and Pierre's. IAWS is now a major player in the consumer convenience food sector in the UK and Ireland.

La Brea Bakery Group has grown from a small bakery ten years ago to a national company. It produces a range of branded artisan breads, supplying restaurants, supermarkets and gourmet food stores.