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Aryzta sells 50% stake in Signature Flatbreads

13-Mar-2018 - Last updated on 13-Mar-2018 at 13:23 GMT

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.”