American frozen bakery and dessert products manufacturer Sara Lee Frozen Bakery entered into a definitive agreement to acquire Spokane, Washington-based frozen pies manufacturer Cyrus O’Leary’s Pies, in a bid to grow its presence in the in-store bakery (ISB) category, the company announced.
“We are delighted to add Cyrus O’Leary’s extensive variety of delicious pies to our iconic product portfolio. As we look to expand our competitive presence in the ISB category, Cyrus O’Leary impressive 40-year pie legacy and their in-store bakery leadership will help us achieve our strategic growth plan and continue providing our customers with more irresistible indulgences,” Sara Lee Frozen Bakery CEO Craig Bahner said in a statement.
Founded as a restaurant in 1981, Cyrus O’Leary’s has grown over the years to become a nationally distributed brand of gourmet pies in the USA. The firm has won 168 first-place awards at the National Pie Championships during the past two decades, according to Sara Lee Frozen Bakery. The deal is expected to close in the next few weeks. Once the transaction is completed, Klingel will remain in his current position and report to Bahner.
This January, Sara Lee Frozen Bakery revealed plans to invest USD19.8m in an expansion of its Tarboro, NC production facility. The Tarboro site is one of three bakeries operated by Sara Lee Frozen Bakery in Michigan, Massachusetts, and North Carolina.