Klemme was set up in 1991, employs 1,400 staff, had sales of €229m last year and operates seven multi-product bakeries.

The acquisition will ensure Aryzta will become the leading bakery in Germany for the in-store bakery sector.

Klemme’s profit margins are very similar to Aryzta’s (13% to July 2012) which implies a EV/EBITA multiple of 9.4.

This deal will enhance earnings to the tune of 15c in the current fiscal year.