George Weston Limited has sold its Weston Foods ambient bakery business to Hearthside Food Solutions LLC in a $370 million transaction.
“With the agreement to sell the ambient segment to Hearthside and our previously announced sale of the fresh and frozen businesses, we have two high-quality buyers that are well-positioned to carry on the proud legacy of the Weston Foods business,” said Galen G. Weston, chairman and CEO of George Weston. “With the sale of the entire bakery business, George Weston will be focused on its market-leading retail and real estate businesses going forward.”
George Weston announced in March 2021 its plan to sell its bakery segment to focus on its retail and real estate business. In October 2021, it sold its fresh and frozen bakery businesses to FGF Brands for $1.2 billion.
Together with the sale of the fresh and frozen business, the sale of the ambient business represents the disposition of George Weston’s entire bakery business, for an aggregate value of $1.57 billion at a combined multiple of approximately 10x the estimated 2021 EBITDA for the bakery segment.
