TORONTO — George Weston Limited announced the closing of the previously announced sale of its Weston Foods fresh and frozen bakery businesses to affiliated entities of FGF Brands Inc.
Prior to closing, George Weston and FGF agreed on a revised purchase price of $1.1 billion for the transaction, as well as certain other amendments, including an adjustment to the working capital provisions as a result of seasonal fluctuations in inventory and accounts receivable.
George Weston continues to work toward completing the previously announced sale of its ambient bakery business – comprised of cookies, cones, crackers and wafers – to affiliated entities of Hearthside Food Solutions, LLC.
The Weston Foods fresh and frozen bakery businesses comprise a North American manufacturer, serving retail and foodservice customers with packaged fresh bread and rolls and alternatives, as well as frozen and artisan bread and rolls, cakes, donuts and pies throughout Canada and the United States. The company produces private label products and brands including Wonder®, ACE Bakery®, Country Harvest®, D’Italiano®, Casa Mendosa™, Dave’s Killer Bread* and Gadoua®.