Maple Leaf Foods subsidiary, Canada Bread Company, is selling Olivieri Foods to Ebro Foods, Madrid, for approximately $120m.
Ebro Foods is a pasta manufacturer and rice producer. It operates or sells products in more than 25 countries across Europe, North America, Asia and Africa.
“This sale represents an excellent opportunity to optimize the value of our fresh pasta business, while realizing its potential under a company dedicated to expanding in the global pasta industry,” said Richard Lan, president/CEO, Canada Bread, in a statement.
“With the leading Canadian brand in fresh pasta, a strong consumer and customer base and highly skilled employees, this acquisition provides Ebro Foods with an excellent growth platform.”
Olivieri’s parent company, Canada Bread, is 90% owned by Maple Leaf Foods . It sells fresh pasta and sauce and produces flat and filled pasta products and sauces employing nearly 400 people in Canada.
It saw sales of $105.5m last year. The deal is expected to close by the end of 2013.