Grupo Bimbo, the Mexico-based, world's largest, bakery group, has snapped up Colombian frozen bakery products supplier Panattiere.

Bimbo announced the acquisition alongside the publication of its financial results for 2016, which included higher group sales and profits.

Daniel Servitje, Bimbo's CEO, said the "small acquisition", struck for an undisclosed sum, would allow the company "to participate in the in-store and foodservice bakery channels".

In 2016, Bimbo saw its net sales in Latin America jump 19.9%, which the company said was "primarily due to the revaluation of almost all currencies versus the Mexican peso, as well as solid volume progress in most countries".

Bimbo also pointed to Peru, Chile and its "Latin Centro" division, where the company benefited from "more efficient routes and broader distribution".

Last week, Bimbo announced plans to close another facility at its Canadian subsidiary Canada Bread.

In November, Bimbo set out plans to shut two sites in the US as part of a redistribution of its production across the country.