Mexican baking company Grupo Bimbo's subsidiary Canada Bread has completed the acquisition of Saputo Bakery in a C$120m ($103.27m) deal.
Earlier in December 2014, Canada Bread has entered into an agreement to this effect.
Saputo Bakery, a subsidiary of Canadian dairy company Saputo, will now operate under the company name of Vachon Bakery.
With the acquisition of snacks cakes producer Vachon Bakery, Canada Bread has bolstered its presence in Canada for further growth.
The deal includes Vachon, Jos Louis, Ah Caramel, Passion Flakie and May West brands among others.
Saputo Bakery operates one manufacturing facility in the province of Quebec and employs 642 employees.
With this development, the company is expected to have an annual sale of more than C$130m ($111.87m), Canada Bread said.
Canada Bread operates 17 bakeries and employs approximately 4,400 associates across Canada. It produces and distributes packaged fresh bread and bakery products under brands such as Dempster's, Villaggio, POM, Bon Matin, Ben's, Healthy Way, McGavins and Vachon.
Its products are distributed through a network of more than 1,000 routes operated by independent operators and some Corporate Associates.
Image: Saputo Bakery produces, markets and distributes mainly snack-cakes in Canada. Photo: courtesy of panuruangjan / freedigitalphotos.
