Dutch food group CSM has struck a deal to buy US bakery manufacturer Best Brands for US$510m.

CSM, which already has bakery operations in Europe, the US and Asia, said the acquisition of Best Brands would create “the undisputed leader” in North America’s bakery supplies business.

“The acquisition strengthens CSM’s global leadership position in the segments and product categories that CSM has targeted for future growth, particularly in the in-store bakery market,” the company said yesterday (4 February).

The transaction, which will create a business worth $2.3bn in sales, remains subject to regulatory approval, although CSM said it expects to complete the deal next month.