The baker that makes Paul Hollywood part-baked bread has been taken over by Mexican firm Grupo Bimbo in a deal thought to be worth more than £300m after four years of rapid growth in the USA and the UK.
The Manchester-based St Pierre Groupe won £8m investment from BGF in November 2018 which helped it to kickstart its international growth. Now BGF has announced the sale to Grupo Bimbo, described by trade bible The Grocer as the world's biggest baker.
The value of the deal has not been disclosed, but The Grocer says the deal was worth more than £300m while BGF said: "the exit has generated a money multiple of 9.6x". St Pierre will operate as an independent business within Grupo Bimbo.
