Canada Bread closes $120 mln sale of Olivieri to PE-backed Ebro Foods

Canada Bread Company Ltd, an affiliate of Toronto-based Maple Leaf Foods Inc (MFI: TSX), has completed the sale of its fresh pasta and sauce business Olivieri Foods to Ebro Foods SA. The acquisition price was previously disclosed as $120 million. Maple Leaf, which is backed by West Face Capital, last month indicated an interest in selling its majority stake in Canada Bread. Ebro Foods, a Madrid, Spain-based food group operating in the rice, pasta and sauces sectors, is a portfolio company of Spanish private equity firm Corporación Financiera Alba.

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