Aryzta has successfully concluded the disposal of its Brazil business to Grupo Bimbo SAB de CV.
Welcoming the early completion of the disposal, Urs Jordi, chairman and interim CEO of Aryzta, said, "The sale of the Brazil business concludes our planned disposal programme.
"The disposals plan enabled Aryzta to agree new lending facilities, pay deferred and current hybrid interest and improve the group’s financial profile.
"Our focus now is to deliver sequential quarterly positive organic growth supported by positive volume and pricing. We are working with our customers on inflation price recovery and also focusing on further operational efficiencies to offset the inflation trends."
Binding Documentation Signed
On 19 August, the Swiss-Irish food group first announced that it had successfully signed binding documentation concerning the disposal of its Brazil businesses to Grupo Bimbo SAB de CV.
The Cuisine de France owner also said that it had entered into an underwritten agreement with three banks for a new €500 million revolving credit facility.
The company said it expected that the facility, which is underwritten by Credit Suisse, Rabobank and UBS, would be utilised by early October 2021. It will replace the current €800 million revolving credit facility that matures in September 2022.
Aryzta said it was advised on the Brazil transaction by Houlihan Lokey and Alantra, PinheiroNeto and KPMG.
'Ahead Of Expectations'
On 4 October, Aryzta said that its full year revenue performance and underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) is ahead of expectations, as management quickly implemented its simplification and de-layering process to remove the global cost structures and focus on its multi-local structures and decision making.
According to the company's latest financial results, it returned to positive organic growth in the second half of 2021.
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