Signature Flatbreads, the British producer of naans, wraps and crumpets, has acquired the shareholding of its joint venture partner Aryzta.
The joint venture was established in January 2015 as a partnership between Aryzta and the Eid family, which has an expertise in naan breads and tortillas.
However, just over three years later, Aryzta said its focus has changed, stating that the sale is consistent with its strategy “to focus on its frozen B2B bakery operations and exit non-core businesses”.
Signature Flatbreads joint CEO William Eid said: “Aryzta helped us to transition from a medium sized business to a larger organisation, 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 recognised for.
“We look forward to an amazing future with our customers, suppliers and with everyone within the business.”
The move sees Aryzta continue its deleveraging programme as it aims to re-focus the business towards profitability. It reported a net loss of €970 million in the last financial year.
The Switzerland-headquartered company then downgraded its 2018 full-year guidance, stating that it expects full-year earnings to be in line with last year, but expects EBITDA to be around 15% lower.
It has also appointed a new North American CEO, along with a new chief strategy officer, in an attempt to reverse its fortunes.
Last month, Hostess brands acquired the Big Texas and Cloverhill Bakery brands from Aryzta as well as its Chicago Cloverhill bakery facility.
Source: FoodBev
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