Supermarket group, Musgrave, which owns the Supervalu and Centra brands has agreed to buy food service business, La Rousse Foods from Swiss-based Aryzta in a deal believed to be in the region of €30m.

Aryzta had only bought the premium food service company in 2015 months after buying the French company, Picard.

This deal comes as new Aryzta boss, Kevin Toland reviews recent acquisitions, refocuses the group and pays down debt.

La Rousse Foods specialises in the supply of high-end foods to restaurants. The company serves more than 1,500 customers. Musgrave intends to run La Rousse Foods as a standalone brand post acquisition.

Commenting on the deal, Chris Martin, Musgrave CEO, said the deal is an excellent strategic fit for their business.

Musgrave and its retail partners have total retail sales of €3.7bn, with more than 1,400 stores and offices in Ireland, Northern Ireland and Spain.

The deal is subject to approval by the Competition and Consumer Protection Commission.

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Musgrave to buy La Rousse Foods from Aryzta

Aryzta is to sell its food service business to Musgrave group in a multi-million euro deal.