US-based sweet baked goods business Sara Lee Frozen Bakery has announced it is acquiring local peer Cyrus O’Leary’s Pies.
Chicago-based Sara Lee said the deal, conducted for an undisclosed sum, will expand its presence in the in-store bakery (ISB) area.
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Spokane, Washington-based Cyrus O’Leary’s started as a restaurant in 1981 and has grown to become a nationally distributed brand, specialising in fruit and cream pies.
The deal follows Sara Lee’s US$65m acquisition of another in-store bakery business, Superior Cake Products, from Hostess Brands in August.
Craig Bahner, CEO of Sara Lee Frozen Bakery, said: “As we look to expand our competitive presence in the ISB category, Cyrus O’Leary’s impressive 40-year pie legacy and their in-store bakery leadership will help us achieve our strategic growth plan and continue providing our customers with more irresistible indulgences.”
Barclay Klingel, CEO of Cyrus O’Leary’s Pies, said: “It’s a huge honour and privilege to join forces with Sara Lee Frozen Bakery and help drive their growth initiatives.
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By GlobalData“We are especially excited about the cultural fit, as both companies have similar values centered around our team members, maintaining uncompromising quality standards and delivering joy-giving moments to our customers. We expect a huge synergistic effect through this combination.”
Klingel will remain in his role, reporting directly to Bahner.
Cyrus O’Leary’s provides Sara Lee with its first US West Coast manufacturing facility.
Sara Lee Frozen Bakery’s brands include Sara Lee, Van’s and Chef Pierre. The current business was formed in 2018 when private-equity firm Kohlberg & Co. bought a clutch of brands owned by Tyson Foods.
