Aryzta AG is buying Pineridge Bakery from Swander Pace Capital for $340 million.

Ontario-based Pineridge provides fresh and frozen private-label and branded baked goods.

Aryzta, headquartered in Zurich, specializes in baked goods.

Swander Pace, headquartered in San Francisco, bought Pineridge in 2007. During the PE firm's ownership period, Pineridge's revenue has increased by C$230 million (U.S. $207.3 million) and it has added more than 100 jobs.

Pineridge is just one of several Canada-based investments that Swander Pace has made. The firm was also invested in Liberté Brand Products Inc., a producer and distributor of yogurt that was sold by Yoplait in 2010. Current Canadian investments include Recochem Inc., which makes automotive fluids, Lavo Inc., which makes cleaning products and Kicking Horse Coffee, a coffee brand.

Rothschild acted as Swander Pace's financial adviser, while Stikeman Elliott LLP provided legal advice. 

Other recent food transactions including Carlyle Group (Nasdaq: CG) and Cardinal Capital Group's purchase of Lily O'Brien's in January, and Back to Nature Foods Co. LLC's deal for SnackWells in December. 

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