TORONTO — George Weston Limited announced today that it has signed an agreement to sell its Weston Foods fresh and frozen bakery business to FGF Brands for an aggregate cash consideration of $1.2 billion.
The price represents a 10x multiple on the 2021 estimated EBITDA of the frozen and fresh bakery business, which comprised nearly 75% of Weston Foods’ 2020 net sales. The business is known for producing many private label products and household brands such as Wonder, Country Harvest and Dave’s Killer Bread.