Swiss bakery group Aryzta has bought out Canadian QSR operator Tim Hortons from the two companies’ Maidstone Bakeries venture in Ontario.

Aryzta has bought Tim Hortons’ 50% stake in Maidstone Bakeries, a business the two sides set up in 2002 to supply baked goods to the Canadian group’s coffee shops.

Maidstone Bakeries will continue to supply products to Tim Hortons until at least 2016. However, Arytza said the bakery would now also serve its “expanded customer base” in the wake of the Swiss firm’s June acquisition of QSR supplier Fresh Start Bakeries.

The deal, announced today (12 August) for C$475m, comes as Aryzta also plans to expand its operations in Asia and Latin America.

Aryzta said its Fresh Start Bakeries arm is investing in three bakeries in Asia – one in each of Taiwan, Singapore and Malaysia – that serve a “leading international QSR operator”. The company refused to be drawn on the identity of the QSR client.

Fresh Start Bakeries is also building a bakery in Brazil. The total level of investment across the three Asian bakeries and the fourth in Brazil stands at US$48m.

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Ayrzta CEO Own Killian said: “These investments are in keeping with our strategic positioning of developing customer partnership models with leading operators in every channel to customers [and will] significantly enhance our bakery capability in North America and in the emerging QSR growth regions of Latin America and Asia.”