Grupo Bimbo to acquire East Balt Bakeries for $650 million
Grupo Bimbo has announced an agreement to acquire East Balt Bakeries, a global leader within the foodservice industry, for $650 million.
Grupo Bimbo has announced an agreement to acquire East Balt Bakeries, a global leader within the foodservice industry, for $650 million. East Balt is a leading foodservice-focused company that produces and supplies buns, English muffins, rolls, tortillas, bagels, artisanal breads, and other baked goods predominantly to quick-service restaurants (QSR) around the world. Founded in 1955 and headquartered in Chicago, East Balt employs approximately 2,200 associates globally and operates 21 bakeries in 11 countries across the United States, Europe, Asia, the Middle East, and Africa, including two joint ventures. The company produces nearly 13 million baked goods each day to service more than 10,000 locations. This acquisition advances Grupo Bimbo’s global growth strategy in high-growth segments and markets.
“East Balt brings significant expertise, a remarkable track record of profitable growth, and a geographically diverse and highly scalable platform in the foodservice segment, complementing our current business within this channel,” said Daniel Servitje, Chairman of the Board and Chief Executive Officer of Grupo Bimbo. “This acquisition continues to fulfill our vision of expanding our global reach to better serve more consumers with entry to eight new countries. Notably, East Balt enjoys long-standing strategic relationships with the largest and most established QSR brands in the world. We look forward to welcoming all of East Balt’s associates to the Grupo Bimbo family and to our continued growth together.”
The transaction has been approved by the Board of Directors of Grupo Bimbo and by East Balt and is expected to close during the second half of the year, subject to the satisfaction of customary closing conditions, including regulatory approvals.