IAWS and Hiestand: create global leader in value added baked goods

Lupfig / CH. (sbp) The Swiss Hiestand Holding AG and the Irish IAWS Group PLC are pleased to announce the creation of Aryzta AG, the global leader in value added baked goods. Dublin-based IAWS also announces that it has reached agreement with Lion Capital subject only to anti-trust clearance, for the acquisition of Lion´s 32 percent stake in Hiestand in exchange for 12,7 million new shares in IAWS and 30 million EUR in cash. Aryzta is being created through an agreed merger of IAWS and Hiestand.

IAWS is an international lifestyle food and agri-nutrition company with operations in Europe and North America. The lifestyle food business focuses on niche high quality growth segments of the value added bakery and convenience food market. Origin Enterprises PLC which consists of the group´s agri-nutrition and ambient food businesses was successfully listed in 2007. IAWS is the majority shareholder in Origin and consolidates its results.

Hiestand, founded in 1967 in Switzerland, is a leading European value added bakery and convenience food company focusing on the high quality growth segment of the market. With its innovative products and services it holds strong market positions in Switzerland and Germany and has fast growing operations in Eastern Europe, Asia and Australia. The Merger is a merger of two complementary businesses and is the result of a five year partnership and relationship resulting from IAWS´s strategic shareholding in Hiestand:

IAWS and Hiestand operate in the value added bakery and convenience food market with a focus on innovative product development. IAWS operates in North America, the UK, Ireland and France while Hiestand´s main operations are in Switzerland, Germany, Austria, Poland, Malaysia, Japan and Australia. IAWS and Hiestand deliver to an extensive network of customers in food service and retail channels. IAWS and Hiestand have proprietary intellectual property and extensive direct store delivery facilities. IAWS and Hiestand have a shared corporate culture that emphasises people and process, customer focus and consumer relevance (press release).