George Weston divests North America bakery business to FGF Brands for US$1.2 billion

CANADA — George Weston, a Canadian-based food processing and distribution company, has announced plans to sell Weston Foods’ fresh and frozen bakery business to Toronto-based food company FGF Brands Inc.   The US$1.2 billion purchase price represents approximately a 10x multiple on the 2021 estimated EBITDA of the business that is being divested.  Weston Foods’ fresh and frozen bakery businesses serve retail and foodservice customers with packaged fresh bread and rolls as well as frozen and artisan bread and rolls, cakes, donuts, pies, and alternatives throughout Canada and the United…

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