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Aryzta

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ARYZTA AG
Company typeAktiengesellschaft
SIX: ARYN
ISINCH0043238366
IndustryFood
Founded1897
HeadquartersZürich, Switzerland
Key people
Urs Jordi, (Chairman and Interim CEO)
ProductsBakery products
Revenue€3,797 million (2017)[1]
–€808 million (2017)[1]
–€906 million (2017)[1]
Websitewww.aryzta.com

ARYZTA AG /æˈrɪztə/ is a food business based in Zürich, Switzerland. It operates in Europe, Asia, Australia and New Zealand. It is incorporated in Switzerland and is listed on the SIX Swiss Exchange (the Zürich Stock Exchange). It discontinued its listing on Euronext Dublin on 1 March 2021.[2] The group is a major supplier in the specialty frozen bakery sector, and is a global supplier of baked goods to the food service, retail and quick service restaurant sectors.

History

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The company was founded as the Irish Co-Operative Agricultural Agency Society in January 1897 and renamed the Irish Agricultural Wholesale Society ('IAWS') in December 1897. It was first listed on the Irish Stock Exchange in 1988 and for most of the 1990s the company was managed by Philip Lynch, first as chief executive officer and later chairman.[3] It bought Shamrock Foods in 1989, R&H Hall in 1990 and Cuisine de France in 1997.[4]

The company went on to buy Delice de France in 1999 and La Brea Bakery in 2001.[4]

In 2003, Owen Killian who joined IAWS in 1976 took over as CEO of IAWS Plc, replacing Philip Lynch.[5]

In June 2007, Aryzta spun off its agribusiness activities as Origin Enterprises plc.[6]

The company merged with Hiestand Holding AG in August 2008 and, having changed its name to ARYZTA, commenced trading on the SIX Swiss Exchange and the Irish Stock Exchange on 22 August 2008.[6] The new name derived from Latin arista, which referred to the apex or awn of a wheat grain.[7]

Aryzta bought Honeytop Speciality Foods in September 2011,[8] Klemme AG, a German manufacturer of frozen bakery products, for €280 million, in 2013,[9] and Pineridge Bakery in Canada and Cloverhill Bakery in the US for €730 million in 2014.[10] It also acquired the Hungary-based Fornetti group, which has operations in central and eastern European markets, in 2015.[11]

In October 2016, it was confirmed that Gary McGann would join Aryzta as chairman.[12] In February 2017, Owen Killian, announced his resignation as CEO of the company.[13]

In February 2018, Aryzta announced that it had sold the Big Texas and Cloverhill brands to Hostess Brands,[14] and, in March 2018, the company sold its shareholding in Signature Flat Breads back to the Eid family.[15]

In May 2018, Aryzta approved a three-year restructuring plan aimed at delivering €200 million in cost savings over three years.[16]

In November 2019, the company sold its British specialist bakery business, Delice de France, to its management for an undisclosed sum,[17] and, in October 2019, Aryzta reduced its stake in the French frozen food company Picard Surgelés, selling 43% of its stake to Groupe Zouari for €156 million.[18]

In November 2019, The Phoenix reported that "since the appointment of Gary McGann as chairman of Aryzta in December 2016, the share price has fallen from €40 to its current €1.20, a drop of 97%. This is one of the single worst episodes of equity destruction of any Irish company".[19] In January 2020, hedge fund Veraison attempted to unseat Aryzta's board of directors.[20] In August 2020, Aryzta announced that the departure of group CFO, Fredric Pflanz, would follow the resignation of two other board members, Dan Flinter and Rolf Watter.[21] At a special Extraordinary General Meeting, in September 2020, activist investors took control of Aryzta, ousting the board.[22] In 2021, London-based Lodbrok Capital LLP's European Credit Opportunities Fund helped Aryzta stop a take-over bid from Elliott Management Corp.[23]

In 2021, the company sold off its Brazilian businesses (Aryzta do Brasil) to Grupo Bimbo,[24] and sold off its North American holdings to private equity firm Lindsay Goldberg for $850 million.[25]

In 2022, Aryzta more than doubled its bakery capacity in Malaysia through the acquisition of the bakery, equipment and associated land of De-Luxe Food Services from Envictus International Holdings.[26] and, in March 2023, Aryzta announced that it had doubled its production capacity for sourdough and speciality breads in the UK and Ireland with an investment in the Grange Castle bakery in Dublin.[27]

Operations

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ARYZTA is known for its Delice de France range of French-style bread-based products and its higher end of Artisan Breads available from La Brea Bakery.[4] Other brands include Shamrock Foods, Cuisine de France and Hubert.[4] Aryzta is particularly known for providing McDonald's burger buns.[28] Aryzta operates 53 bakeries & kitchens across Europe, North America, South America, Asia, Australia and New Zealand.[9] Aryzta refers to itself as one of the largest frozen bakery companies in the world.[29]

Logo of the former IAWS Group

References

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  1. ^ a b c "Financial Statements 2017" (PDF). Archived from the original (PDF) on 14 September 2018. Retrieved 14 September 2018.
  2. ^ Donnelly, Ellie (19 January 2021), "Aryzta to cancel Irish stock market listing", The Irish Independent, retrieved 24 February 2022
  3. ^ "Philip Lynch does it his way". The Independent. 13 February 2005. Retrieved 22 December 2012.
  4. ^ a b c d "The quiet man". The Independent. 14 August 2010. Retrieved 22 December 2012.
  5. ^ "Owen Killian IAWS", Irish Independent, 8 February 2004, retrieved 11 September 2023
  6. ^ a b "Aryzta may sell stake in Origin Enterprises". Irish Examiner. 27 June 2008. Retrieved 22 December 2012.
  7. ^ O'Halloran, Barry. "Agenda: Aryzta looking for dough as bakery business falls flat". The Irish Times.
  8. ^ "Switzerland's ARYZTA buys Honeytop Speciality Foods". Food Manufacture. 26 September 2011. Retrieved 22 December 2012.
  9. ^ a b "Aryzta acquires frozen bakery firm Klemme". BakeryAndSnacks.com. 20 February 2013. Retrieved 28 January 2016.
  10. ^ "Aryzta acquires Pineridge and Cloverhill bakeries for €730m". BakeryAndSnacks.com. 11 March 2014. Retrieved 28 January 2016.
  11. ^ "Swiss ARYZTA buys Hungarian Fornetti". Budapest Journal. 6 August 2015. Retrieved 28 January 2016.
  12. ^ Brennan, Joe (22 September 2016), "Gary McGann set to join Aryzta as chairman", The Irish Times, retrieved 11 September 2023
  13. ^ O'DONOGHUE, PAUL (14 February 2017), "Why the Roscommon man running the food giant behind Cuisine de France just resigned", FORA, retrieved 11 September 2023
  14. ^ "Hostess Acquires Aryzta Breakfast Brands". CSP Daily News. Retrieved 10 May 2018.
  15. ^ Perrett, Michelle (14 March 2018), Signature Flatbreads buys out JV partner Aryzta, retrieved 12 September 2023
  16. ^ Schroeder, Eric Schroeder (24 May 2018), "Aryzta unveils €200 million restructuring plan", Bakingbusiness.com, retrieved 12 September 2023
  17. ^ McCaughren, Samantha (3 November 2019), "Aryzta offloads Delice de France in UK", Irish Independent, retrieved 12 September 2023
  18. ^ "Aryzta reduces Picard stake in €156M deal | PitchBook". pitchbook.com. Retrieved 2020-10-11.
  19. ^ Bags, Money (29 November 2018), "GARY MCGANN FAILS TO DELIVER FOR ARYZTA", Phoenix Magazine, retrieved 12 September 2023
  20. ^ Donnelly, Ellie (5 January 2021), "Swiss fund that led Aryzta coup cuts stake in food group again", The Irish Independent, retrieved 24 February 2022
  21. ^ Bamford, Vince (5 August 2020), "Aryzta loses another senior member of team", Bakeyinfo.co.uk, retrieved 12 September 2023
  22. ^ Percival, Geoff (16 September 2020), "Gary McGann leads Irish exodus as activist investors take control of Cuisine de France owner Aryzta", Irish Examiner, retrieved 12 September 2023
  23. ^ García Pérez, Irene; Kumar, Nishant (21 January 2022), "London Lodbrok Capital Hedge Fund Posts 32% Gain for 2021", Bloomberg News, retrieved 24 February 2022
  24. ^ Taylor, Charlie (19 August 2021), "Aryzta agrees new €500m credit facility and sells Brazilian businesses", The Irish Times, retrieved 24 February 2022
  25. ^ "Aryzta sells North American bakery business to private equity firm for $850M". Food Dive.
  26. ^ Gleeson, Colin (14 February 2022), "Aryzta more than doubles its capacity in Malaysia", The Irish Times, retrieved 24 February 2022
  27. ^ Bramford, Vince (6 March 2023), "Aryzta says bake-off success is driving market share gains", Bakeryinfo.co.uk, retrieved 12 September 2023
  28. ^ "McDonald's Buns Maker Is In a Kitchen Nightmare". Bloomberg. 13 August 2018.
  29. ^ Dan Malovany (2015-01-26). "Aryzta: Behind the scenes". Food Business News. Retrieved 2015-10-05.
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