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Swander Pace Capital exits Pineridge Bakery in $340m deal

10 Mar 2014

sold-sale-exit-dealPrivate equity firm Swander Pace Capital has agreed to sell its portfolio company Pineridge Bakery to Swiss food group Aryzta for $340m.

The Ancaster, Ontario-based company, which was acquired by Swander in 2007, posted revenues of C$230m ($207m) last year.

Swander Pace Capital managing director Andrew Richards said, “This transaction is the culmination of a successful six-plus-year partnership, and it’s a great result for all parties.

“Pineridge Bakery will be able to transition their momentum to a new partner with tremendous experience and global reach; ARYZTA acquires a leader in its space in North America; and we are able to return a significant result to our investors while leaving a growing company in capable hands. We couldn’t be more thrilled.”

In May last year AltAssets reported that Swander had raised $254.35 towards its fifth fund, which is targeting $450m.

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