Who is buying Weston bakery?

Who is buying Weston bakery?

On October 26, 2021, George Weston Limited (George Weston) announced that it signed a definitive agreement to sell its Weston Foods fresh and frozen bakery businesses to affiliated entities of FGF Brands Inc. (FGF). Closing of the C$1.1 billion transaction was announced on December 10, 2021. George Weston net worth as of January 25, 2023 is $18.39B. George Weston Limited is engaged in food processing and distribution to grocer wholesalers, warehouses, and independent accounts. The Company has two reportable operating segments: Weston Foods and Loblaw, and holds cash and short term investments. FGF Brands, an innovative bakery business, was launched in 2004 at the height of the low-carb diets trend with just six staff and a 5,500-square-foot facility in Toronto. Retail brands include President’s Choice, No Name and Joe Fresh, in addition to bakery brands Wonder, Country Harvest, D’Italiano, Ready Bake and Gadoua. The company is controlled by the Weston family, which owns a majority share in George Weston Limited.

How much did Weston bakery sell for?

George Weston Ltd. has signed a deal to sell its Weston Foods fresh and frozen bakery businesses to FGF Brands Inc. for $1.2 billion. With the sale of the ambient bakery business to Hearthside, and the previously announced completed sale of the fresh and frozen bakery businesses, George Weston has now sold its entire bakery business and will focus on its Retail and Real Estate businesses going forward. The bulk of the family’s wealth stems from the 63 per cent stake they own in the original Canadian business George Weston, which encompasses stores such as Loblaw and Shoppers Drug Mart. Their stake is worth £8.659 billion — up £2.366 billion on last year. Sam Ajmera is Co-Founder of FGF Brands, which he co-founded in 2004 with his two sons; Ojus and Tejus. FGF Brands is a commercial bakery that produces an entire collection of authentic flatbreads sold under the brand name “Stonefire.” FGF Brands (it stands for Functional Gourmet Foods) of Concord, Ont., run by Mr. Ajmera and his two sons, now makes muffins and naan for an array of chains across North America, ranging from Loblaw to Starbucks cafés to Whole Foods health-oriented supermarkets. With a net worth of US$8.7 billion, the Weston family is the third-wealthiest in Canada, a position that has earned Galen Weston Jr.