The strategic purchase will accelerate the company’s expansion across the Southeast and will bring Biscuit Belly to over 60 units by the end of 2028.
The transaction involves Ingredion selling a 51% interest in Rafhan Maize for approximately US$165 million, while maintaining roughly a 20% ownership position to support future collaboration and regional growth.
The proposed divestment is intended to resolve potential issues related to market concentration in the supply of frozen bakery products and pave the way for completion of one of the European bakery sector’s most significant transactions.
The acquisition forms part of ARYZTA’s strategy to reinforce its presence in key European markets and improve access to premium frozen bakery products for customers in France.
The deal marks a significant expansion for the Spanish frozen dough giant into the competitive North American foodservice market, though the financial terms of the transaction were not disclosed.