Swiss bakery Aryzta has completed the share issue it will use to part-fund its acquisition of US firm Fresh Start Bakeries.

Aryzta, which earlier this week said it would use up to US$140m in shares to pay for Fresh Start Bakeries, said today (11 June) that the issue had raised $120m.

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The company has decided to fund its acquisition of Fresh Start Bakeries with $20m in shares – meaning it will now pay some $880m in cash.

“The $20m equity consideration will facilitate certain Fresh Start Bakeries management who are currently Fresh Start Bakeries shareholders and wish to retain a portion of their equity interest,” Aryzta said.

The acquisition of Fresh Start Bakeries – and a second deal involving pizza firm Great Kitchens – were announced on Tuesday (8 June).

Arzyta CEO Owen Killian said the acquisitions would extend the firm’s global presence and build its business in more channels.

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