Irish food company IAWS has bought French bakery Groupe Hubert for €130 million.
Groupe Hubert, whose majority shareholders were funds advised by Apax Partners France, generated a turnover of €120 million for the year ending September 30th 2004 and operating profit of €10.6 million.
The company had net assets of €25.62 million as at that date. The existing management team will be remaining with the group.
Commenting on the acquisition, Mr Owen Killian, chief executive of IAWS said the acquisition is another key step in the internationalisation of IAWS's business in the specialist artisan bakery market.
Following the axquisition IAWS will supply over 50,000 outlets in Ireland, Britain, France and North America.
The Groupe Hubert acquisition brings IAWS's total ionvestment in the artisan bakery market to €670 million since acquiring Cuisine de France in 1998.