Alantra advises ARYZTA on the disposal of its North American business for USD850 million
SECTORFood & Beverage
Value $850 million
Zurich – Alantra is pleased to announce it has advised Swiss convenience bakery company ARYZTA AG (“ARYZTA”) on the sale of its North American business to Lindsay Goldberg LLC for a total enterprise value of USD850m in cash. The sale price represents an Enterprise Value to LTM adjusted EBITDA of 13.6x. The transaction is expected to complete by the end of ARYZTA’s current 2021 financial year and is subject to customary merger clearance approvals.
Based in Schlieren (Switzerland), ARYZTA is a global food business with a convenience bakery leadership position. Its North American business provides bread, sweet and savory baked goods, and snacks to leading customers in the quick-service restaurant, foodservice, and retail markets. With over 1,500 unique products, the Company has one of the broadest portfolios in the industry, including private labels and branded offerings under the Otis Spunkmeyer, La Brea Bakery, and Oakrun Farm Bakery brands.
Founded in 2001, Lindsay Goldberg is a US-based private investment firm that has raised more than $17 billion since inception.
Welcoming the signing of the transaction, Chairman and interim CEO of ARYZTA, Urs Jordi, said in a press statement: “This agreement represents a significant inflection point for ARYZTA and vindication of our simplification strategy to the outright sale option. I want to thank our shareholders and stakeholders for their confidence and support since September, which enabled this transaction to materialize. Today’s transaction delivers significant debt reduction and balance sheet strength. It now allows us to focus on delivering further operational improvements and returning to organic growth. The agreed price reflects well on the underlying quality of the North American businesses, its assets, the significant recovery in performance achieved by the team and bodes well for its future performance prospects under its new owners.”
Martin Menzi, Managing Partner at Alantra Switzerland, said: “We are delighted by ARYZTA’s continued trust in Alantra, this is our fourth deal with them. Understanding the business drivers of ARYZTA and its strategic objectives were key in supporting the management throughout this competitive process and executing the transaction swiftly. We are looking forward to continuing to support the Company in its plans to divest its Latin American business.”
 Pre IFRS 16 basis. Enterprise Value to LTM post IFRS 16, was 10.3x EBITDA.