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Aryzta sells the remaining stake in Picard

Agreement with Lion Capital and Invest Group Zouari for approximately 24 million euros

Food company with global interests Aryzta has reached an agreement with Lion Capital and Invest Group Zouari (Igz) to sell its remaining 4.64% stake in Picard for approximately € 24 million. In 2019, Aryzta announced the sale to Igz of a large chunk of its stake in the French frozen food company. Igz, based in Tunisia, acquired a 43% stake in Picard for € 156 million, leaving Aryzta with a stake of less than 5%, which he believes would be "monetized at a later stage". The new deal is expected to close early in the first quarter of this year.

Aryzta Chairman Urs Jordi, who has also served as the company's interim CEO since late last year, said, "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". The company recently announced that it intends to divest its businesses in both North America and Latin America. The Bakery Group reported that its net debt amounted to € 1.01 billion on August 1, 2020, at the end of its final financial year.

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EFA News - European Food Agency