Irish-based food and agribusiness IAWS has announced the acquisition of Groupe Hubert, a developer and distributor of bakery products to the bakery and foodservice sector in France, from Apax Partners France.

The maximum consideration payable will be €130m (US$172.5m), of which €105m will be payable in cash on completion. The balance of up to €25m will be paid by way of deferred consideration related to the achievement of agreed profit targets over a five-year period, IAWS said.

Groupe Hubert, whose main brand is Coup de Pates, generated a turnover of €120m for the year ending 30 September 2004 and operating profit of €10.6m.

"The acquisition of Groupe Hubert is another key step in the internationalisation of our business in the specialist artisan bakery subset of the food market. We are solution providers focused on providing consistent, high quality food to consumers in the specialist bakery categories," said Owen Killian, chief executive of IAWS.