IAWS buys 80% of bakery group for $55m

Irish food group IAWS said today it has agreed to buy an 80 per cent stake in up-market Californian US bakery group La Brea Bakery…

Irish food group IAWS said today it has agreed to buy an 80 per cent stake in up-market Californian US bakery group La Brea Bakery for $55 million in cash.

It said it will also assume $13.5 million in debt.

La Brea reported annual operating profit last year of $4.5 million, and net assets were $3.2 million.

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