Grupo Bimbo’s third quarter report revealed some strong financial results combined with inflationary pressures – and notable acquisition news.
For the three months ending Sept. 30, the Mexico City-based global baking company reported record net sales, up 20% from the third quarter of 2021, and a 10% leap in adjusted EBITDA in its North American operations. That said, high commodity prices, supply chain challenges and labor costs led to a margin contraction of 120 basis points in North America.
In addition to providing details of its financial performance, Grupo Bimbo disclosed in its quarterly report that it has acquired bakery company St Pierre. Known for its premium brioche products across the St. Pierre, Baker Street and Paul Hollywood brands, the Manchester, England-based St. Pierre Groupe continues to introduce new products, including a soon-to-launch line of bake-at-home bread. Earlier this year, St. Pierre announced plans to bolster its distribution capacity in the U.S.
No further details about the acquisition have been provided yet by Grupo Bimbo or St. Pierre.
In related news, St. Pierre partner Lipari Foods has been acquired by an investment group led by PE firm Littlejohn & Co., LLC. The specialty food distributor, headquartered in Warren, Mich., provides specialty foods to more than 7,500 independent grocers. In addition to offerings from St. Pierre, Lipari offers more than 25,000 products across bakery, deli, foodservice, specialty grocery, dairy, frozen seafood and meat, international food and confection categories.
“Littlejohn’s proven ability of building and scaling distribution businesses will be valuable as we seek to expand our capabilities while continuing to deliver high-quality products and service for our longstanding customers,” said Lipari CEO Thom Lipari. “We look forward to leveraging the firm’s resources to accelerate our growth trajectory and execute on Lipari’s significant organic and acquisition growth initiatives.”