Canada: Saputo – snack cakes
Grupo Bimbo’s purchase of Canadian Saputo Bakery came as a surprise to industry onlookers given the local packaged cake firm’s struggles.
Bimbo bought the firm for C$120m ($92.7m) in December, 2014 via its Canadian subsidiary Canada Bread. Saputo Bakery produces a range of snack cakes under a number of brands, including Vachon, Jos Louis and Ah Caramel.
But Euromonitor International senior research analyst Svetlana Uduslivaia said the company’s bakery division was “not profitable” and was unlikely to change anytime soon, marking the acquisition a surprise.