Czech group Agrofert Holding agreed to buy pasta maker Barilla Group’s German bakery chain business, Lieken AG, for an undisclosed price.
The deal comes as Barilla looks to invest more in its core businesses, concentrating on pasta, sauces and ready-made meals.
The Italian food company bought Duesseldorf-based Lieken in 2002 as part of its purchasing of bakery chain Kamps, which was sold to private equity firm Equity Capital Management in August 2010.
Lieken, a maker of baked goods under the Golden Toast brand, is Barilla’s only remaining German business unit and had net sales of €756 million ($951.02 million)in 2011. The transaction marks Agrofert’s first venture into the German bakery products market.
Barilla, based in Parma, Italy, was founded 135 years ago and produces about 2.5 million tons of food every year. The company tapped investment banks Rothschild and Rabobank to run the sale process.
UniCredit acting as Agrofert’s financial adviser, while CMS Hasche Sigle provided legal counsel.