Spanish frozen bakery company Europastry has acquired a majority share in US frozen bakery firm Wenner Bakery, which is active in both foodservice and retail, in order to expand into US territory.
Europastry already owns 30% of Wenner Bakery, which it bought in 2013. The new transaction, signed recently for an undisclosed amount, will give Europastry management control of the business.
Wenner produces value-added breads for retail and foodservice customers. The company has an annual turnover of USD115m and two plants in New York. It has recently opened a third in New Brunswick in New Jersey.
“The objective of this acquisition is [for] Europastry [to] become a key player in the segment of rustic and value-added specialty breads,” the company said in a statement.
Europastry is looking to “internationalize” its business. Last year, the company generated 23% of its EUR429m sales outside Spain.