International food company IAWS Group has signed an agreement to acquire Otis Spunkmeyer Holdings, a leading US speciality baked goods business, from its management team and the private equity firm Code Hennessy & Simmons.
Otis Spunkmeyer supplies prepared products for fresh baking, operating 55,000 ovens throughout the US in foodservice and retail outlets. The acquisition will increase IAWS’ sales in the US by 200% to more than $530m and should complement IAWS’ existing La Brea Bakery business, a US artisan bread brand.
Owen Killian, CEO of IAWS Group, said: "Otis Spunkmeyer is an exceptional company with an outstanding performance record, a national distribution platform and a superb product range. Otis’ product categories are complementary to our existing US business in both retail and foodservice channels."