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Aryzta sells 50% stake in Signature Flatbreads

By Gill Hyslop contact

- Last updated on GMT

The Eid family is acquiring Aryzta's shareholding in Signature Flatbreads. Pic: ©GettyImages/alefbet
The Eid family is acquiring Aryzta's shareholding in Signature Flatbreads. Pic: ©GettyImages/alefbet
Signature Flatbreads has agreed to acquire Aryzta’s 50% shareholding for an undisclosed amount.
Signature Flatbreads Silo - left to right - William Eid and Charles Eid .._
William and Charles Eid

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.”

Related topics: Ingredients, Bread, Manufacturers

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