Aryzta to acquire 49% stake in French food firm Picard

Swiss-Irish food group Aryzta has entered into exclusive negotiations for a strategic investment with the private equity firm Lion Capital in the speciality premium French food business Picard.

Under the terms of the deal, Aryzta will acquire a 49 per cent stake in the company for €446.6million. The group said the deal will be largely funded by the net proceeds from the proceeds of the recent sale of 49 million shares in agri business Origin Enterprises. That transaction, which took place last Wednesday, raised more than €404 million for Artyza.

“Picard is a highly predictable business and an ideal replacement for Aryzta’s Origin holding, allowing Aryzta to strategically move up the value chain,” said chief executive Owen Killian.