Speciality baker Aryzta confirmed this week (Wednesday, February 20) that it has acquired Klemme, a leading German bakery group for €280m of which €10m is deferred.
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Title: Aryzta buys German bakery group
Speciality baker Aryzta confirmed this week (Wednesday, February 20) that it has acquired Klemme, a leading German bakery group for €280m of which €10m is deferred.
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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.
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