George Weston announces the sale of its Weston Foods fresh and frozen bakery businesses
Torys is acting as counsel to George Weston with a team that includes Adrienne DiPaolo, David Forrester, Emily Debono, Pat Chapman and Brody Appotive (corporate/M&A), Ebad Rahman and Shawn Langlois (contracting), Mitch Frazer, Darryl Hiscocks and Brad Tartick (pensions and employment), Andrew Gray (advisory), Molly Reynolds, Ronak Shah and Nic Wall (privacy), Michelle Nelles, Teresa Reguly and Michele Clarizio (IP and regulatory), Michael Fortier (environmental), Tom Zverina (financing), Rose Bailey and Diana Pegoraro (real estate), Dany Assaf, Rebecca Wagner and Ian Li (competition), Corrado Cardarelli, Gwen Watson and Benjamin Mann (tax).
On October 26, 2021, George Weston Limited ("George Weston") announced that it signed a definitive agreement to sell its Weston Foods fresh and frozen bakery businesses to affiliated entities of FGF Brands Inc. ("FGF") for aggregate cash consideration of C$1.2 billion.
George Weston expects to close the transaction before the end of the first quarter of 2022, subject to the receipt of all regulatory approvals and satisfaction of customary transaction closing conditions.
Further information can be found on Canada Newswire’s website.
The Weston Foods fresh and frozen bakery businesses comprise a leading North American manufacturer, serving retail and foodservice customers with packaged fresh bread and rolls and alternatives, as well as frozen and artisan bread and rolls, cakes, donuts and pies throughout Canada and the United States. The company produces private label products and many well–known brands including Wonder®, ACE Bakery®, Country Harvest®, D'Italiano®, Casa Mendosa™, Dave's Killer Bread* and Gadoua®.
FGF Brands is a Canadian, family-owned bakery company founded in 2004. "A technology company that bakes," FGF combines innovations in robotics, AI systems, and supply chain solutions with a commitment to making quality food with the cleanest possible ingredients. It operates in 7 bakery categories and owns multiple brands, including Stonefire Authentic Flatbreads and Simple Joys Bakery, manufactured in bakery locations across Canada and the United States, with its home office in Toronto, Ontario.
George Weston is a Canadian public company founded in 1882. The company operates through its three reportable operating segments, Loblaw Companies Limited, Choice Properties Real Estate Investment Trust and Weston Foods.