Grupo Bimbo has agreed to buy Joy Food International, a producer of industrial bread in Morocco.
The transaction will be carried out through the Mexican baker’s Spanish subsidiary, Bakery Iberian Investments SL, which will acquire all of Joy Food’s share capital and voting rights.
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Financial details of the deal have not been made public.
Joy Food International, founded in 2009, makes a range of bread products, including Lebanese bread, burger buns, sandwich bread, pizza dough and tortillas.
The acquisition builds on Grupo Bimbo’s existing operations in Morocco, a market it entered in 2017 through the purchase of local baked goods producer Groupe Adghal.
The latest deal adds to the group’s footprint in north Africa, alongside its business in Tunisia, where it bought sweet baked goods maker Moulin d’Or in April 2024.
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By GlobalDataIn Africa, beyond its operations in Morocco and Tunisia, Grupo Bimbo also operates manufacturing facilities in South Africa.
Globally, the Mexico-headquartered company has a direct presence in 39 countries and reaches 52 markets when including partnerships.
Its industrial network comprises 249 bakeries and more than 1,500 sales centres spanning the Americas, Europe, Asia and Africa.
The bakery giant named Alejandro Rodríguez Bas as its new CEO in November.
The company reported its third-quarter results in October. Net sales were 107.4bn pesos ($6bn), up 1.2% from a year earlier.
Operating income edged up 0.4% to 9.4bn pesos, while adjusted EBITDA increased 0.8% to 15.8bn pesos. Net majority income declined 9% to 3.3bn pesos.
In 2024, Grupo Bimbo’s operating income fell 6.5% to 33.1bn pesos, while adjusted EBITDA climbed 1% to 55.4bn pesos. Net majority income decreased 18.9% to 12.5bn pesos.
Bimbo announced three deals in 2024, buying Slovenia bakery business Don Don, Romania’s Karamolegos Bakery Romania and Spain-based gluten-free bakery company Amaritta.
