Canada Bread Company Ltd, an affiliate of Toronto-based Maple Leaf Foods Inc (MFI: TSX), has completed the sale of its fresh pasta and sauce business Olivieri Foods to Ebro Foods SA. The acquisition price was previously disclosed as $120 million. Maple Leaf, which is backed by West Face Capital, last month indicated an interest in selling its majority stake in Canada Bread. Ebro Foods, a Madrid, Spain-based food group operating in the rice, pasta and sauces sectors, is a portfolio company of Spanish private equity firm Corporación Financiera Alba.
Canada Bread Closes Sale of its Fresh Pasta Business to Ebro Foods S.A.
TORONTO, Nov. 25, 2013 /CNW/ – Canada Bread Company, Ltd. (“Canada Bread”) (CBY: TSX) today announced that it has received regulatory clearance and closed the sale of Olivieri Foods, its fresh pasta and sauce business, to Ebro Foods, S.A. of Madrid, Spain.
Olivieri Foods manufactures flat and filled fresh pasta products and sauces at its facilities in Hamilton, Ontario and Delta, British Columbia.
Canada Bread is a leading manufacturer and marketer of value-added flour based products, including fresh bread, rolls, bagels and sweet goods, frozen partially baked or par-baked breads and bagels, and specialty pasta and sauces. The Company markets products under a number of leading brand names, including Dempster’s(R), Olafson’s, POM(R), Ben’s(R) and Olivieri(R). The Company is 90% owned by Maple Leaf Foods Inc. and its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.
Ebro Foods is a multinational food group operating in the rice, pasta and sauces sectors. Based in Spain, it has commercial and/or industrial presence in more than 25 countries in Europe, North America, Asia and Africa, through its extensive network of subsidiaries and brands. It is a global leader in the rice sector and the second largest pasta manufacturer in the world.
SOURCE Canada Bread Company, Limited
CONTACT: Canada Bread
Nick Boland, Vice President Investor Relations
Dave Bauer, Corporate Communications
416-926-2020/1-888-995-5030 Ebro Foods, S.A.
+34.91.724.53.78 — +34.91.724.53.74
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