Premier exploring options for bread business
by Eric Schroeder
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LONDON — Premier Foods P.L.C. has appointed Ondra Partners to assist in development investment options for its bread business. Premier Foods owns a range of brands including Hovis and Mother’s Pride bread, and Mr Kipling cakes. Ondra Partners is an independent financial advisory firm that specializes in mergers and acquisitions, strategy, restructurings and capital markets advisory.
“There can be no certainty that a transaction will follow at any point in the future, but the company will provide updates as appropriate,” Premier Foods said in a Nov. 6 statement.
Recent media reports have mentioned Mexico City-based Grupo Bimbo S.A.B. de C.V. as a potential suitor for a stake in the business. In Europe, Bimbo has production plants and distribution centers in the Iberian Peninsula, which includes Spain and Portugal.
Premier Foods has been involved in reorganization efforts over the past year designed to re-build value in its bread and milling business. As part of the restructuring, Premier in recent months has closed three bakeries and two flour mills.