Food group Aryzta has completed the sale of its North American business to an affiliate of private equity group Lindsay Goldberg.
This arm of Aryzta was being sold for $850m (€705.5m).
Chairman and interim CEO of Irish-founded Aryzta, Urs Jordi, welcomed the successful conclusion of the deal.
In a statement he said the early conclusion of the transaction “allows management to fully focus on following through on the delivery of improved business operational performance and returning to organic growth”.
The North American division of Aryzta accounted for €1.26bn of the company’s revenue, and earnings of €67m, in the 2020 financial year.
In December last year, after “careful review” and a unanimous decision, the board of Aryzta rejected an offer of CHF0.80 (€0.74) per share from the US hedge fund Elliott which valued the company at €734m.
Earlier this year Aryzta’s Irish shares were delisted from the Euronext stock exchange in Dublin. Aryzta’s primary listing was already in Zurich.
The exit from the Irish stock market follows last year’s upheavals at the company, best known here as the baker of Cuisine de France-branded goods.
The past year has seen major changes at the group with its previously Irish-dominated leadership ousted in a bid to improve shareholder value by Swiss fund management group Veraison Capital which has helped install a new chairman.
In January, Aryzta reached an agreement with Lion Capital and Invest Group Zouari to sell its remaining 4.64pc interest in French frozen foods group Picard for around €24m.
Aryzta, which has operations in Europe, Asia, Australia, New Zealand and South America, will issue its quarter three revenue update on June 1.