An investment group headed by Mexican businessman Fernando Pardo has taken control of Argentinean bakery chain Compania de Alimentos Fargo, after purchasing the $30m in debt that the company owed Deutsche Bank Trust Company Americas.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Fargo sent a filing to Argentina’s stock exchange on Friday and included a letter from investment firm Bismark Acquisition saying it had bought the debt, reported Dow Jones International News.

The filing follows recent speculation that Mexican bakery giant Bimbo would buy Fargo, which has been hit in recent years by recession and the depreciation of the peso.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now