Aryzta to sell remaining stake in French food unit Picard for €24M

Aryzta AG said Jan. 4 that it agreed to sell its remaining 4.64% stake in French specialty food business Picard to Lion Capital LLP and Invest Group Zouari for about €24 million.

In 2015, the Swiss baked goods company acquired a 49% stake in Picard from Lion Capital for a consideration of €446.6 million. The company decided in October 2019 to sell its 43% stake in the French business to Invest Group Zouari for a total consideration of €156 million.

Meanwhile, the latest transaction, which is expected to close in the first quarter, forms part of Aryzta's ongoing restructuring process.

"The board and management of Aryzta is now fully focused on delivering its two-part plan to improve the business performance, reduce costs by 25% and significantly strengthen its balance sheet with the planned disposal of its Americas businesses," Chairman and interim CEO Urs Jordi said in a statement.