George Weston Ltd. (TSX:WN) has sold its bakery business to Toronto-based FGF Brands for $1.2 billion.
After putting Weston Foods up for sale in March of this year, the company announced that it’s reached a deal to sell the fresh and frozen bakery units to FGF Brands, which is a privately held family-owned bakery founded in 2004.
The deal will see popular bread brands such as Wonder, Ace Bakery, Country Harvest and D’Italiano, among others, change hands. The brands involved in the sale accounted for 75% of Weston Foods’ 2020 net sales, George Weston said in a news release.
The parent company of the Loblaws (TSX:L) grocery chain, George Weston said it remains committed to selling other food businesses, including its cookie unit, as it focuses exclusively on its retail and real estate businesses.
The companies expect the deal to close before the end of the first quarter of 2022.
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