The joint venture – a partnership between the Irish-Swiss bakery group and the Eid family – was formed in January 2015 to bring tortilla wraps, pita and naan breads to the UK market.
Aryzta’s focus has subsequently changed and had launched on a “multi-year turnaround program” to deleverage its balance sheet, according to CEO Kevin Toland.
The sale of Signature Flatbreads is realigning its “focus on frozen B2B bakery operations and exit non-core businesses,” he told analysts during the company’s earnings call on Monday.
In a statement, William Eid, joint CEO of Signature Flatbreads, said Aryzta had helped the business transition from a medium sized business to a larger organization, employing many hundreds of people.
“As we become a family business once again, we will retain the disciplines required to support our growth, whilst building on our passions and the drive for innovation we have become recognized for,” said Eid.
“We look forward to an amazing future with our customers, suppliers and with everyone within the business.”