Embattled Aryzta hires advisers to help it offload unwanted assets
Baked goods group’s troubled North American unit likely to be high on list for disposal
The stage had been set for the company to focus on unit sales after takeover talks broke down in late October. Photograph: Reuters
Aryzta said on Thursday evening it has hired advisers help the embattled baked goods group to sell unwanted assets to allow it to simplify its business and concentrate on “core markets”.
The company has appointed investment banks Houlihan Lokey and Alantra to advise on the matter, it said.
The stage had been set for the company to focus on unit sales – including Aryzta’s troubled North American operations – after talks on a potential outright takeover by a unit of US activist hedge fund group Elliott Management broke down in late October.
The group’s new chairman, Urs Jordi, who joined the company in mid-September as part of a boardroom coup and who was known to be against a sale, has made little secret of his ambition to slim down the group and lower its debt pile.
The Irish Times reported last month that Aryzta had received approaches from close to 20 parties interested in parts of the company’s operations.