Aryzta has reached an agreement with Lion Capital and Invest Group Zouari to sell its remaining 4.64% stake in Picard for approximately EUR24m.
In 2019, Aryzta announced the sale to Igz of a large part of its stake in the French frozen food company. Igz, based in Tunisia, acquired a 43% stake in Picard for EUR156m, leaving Aryzta with a stake of less than 5%, which he believes would be “monetized at a later stage”, according to the European Food Agency (EFA). The new deal is expected to close in the first quarter of 2021.
“Aryzta’s board and management are now fully focused on delivering on its two-part structured plan to improve business performance, reduce costs by 25% and significantly strengthen its balance sheet with the planned divestiture of the business in the Americas,” Aryzta Chairman Urs Jordi, who has also served as the company’s interim CEO since late last year, said.