Parmalat Sells N.A. Bakery Group
Parmalat Dairy & Bakery Inc. announced that it has sold the company's North American Bakery Group which includes the Archway brands, Mother's brands and the U.S. and Canadian private label cookie businesses to the private equity firm Catterton Partners and their operating partner Insight Holdings. Terms were not disclosed.
Under this agreement, the U.S. bakery name will change to the "Archway & Mother's Cookie Company Inc.," and the Canadian bakery will be known as "A&M Cookie Company Canada," with Catterton Partners and Insight Holdings leveraging their strong industry expertise to provide the bakery management team with marketing and operational strategies targeted at building sales and long-term profit.
"We are pleased to have finalized this transaction with Catterton Partners," said Marc Caira, president and CEO of Parmalat Dairy & Bakery Inc. "This transaction allows us to fully focus on our long term commitment to the Canadian dairy market as an industry leader dedicated to the health and wellness of Canadians through our milk and dairy products, fruit juices, cultured products, cheese products and table spreads."
Insight Holdings focuses on consumer goods, having run such companies as Farley's & Sathers Candy Co., Famous Amos Cookies, Terra chips, and La Victoria Salsa.