Aryzta has put its flatbreads operations into a joint venture with UK-based Signature International Foods.
The Switzerland-based bakery group’s UK-based subsidiary Honeytop Speciality Foods will form part of the venture, to be called Signature Flatbreads.
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Aryzta will hold a 50% stake in the venture, alongside Signature International Foods’ main shareholders, William and Charles Eid. The brothers’ family had set up Honeytop in 1984.
Aryzta acquired wrap and naan manufacturer Honeytop in 2011 in a deal worth GBP80m (US$121.3m).
A spokesperson for Aryzta just-food today (12 January) it believed the move would grow Honeytop’s international presence.
“Honeytop has performed to expectation but the JV will allow the business to internationalise and accelerate growth in large flat bread markets of India and the Middle East,” the spokesperson said.
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By GlobalDataThe financial details of the transaction were not disclosed.
