Aryzta

The company was founded as the Irish Co-Operative Agricultural Agency Society in January 1897 and renamed the Irish Agricultural Wholesale Society ('IAWS') in December 1897. It was first listed on the Irish Stock Exchange in 1988 and for most of the 1990s the company was managed by Philip Lynch, first as chief executive officer and later chairman.{{cite web|url=http://www.independent.ie/business/philip-lynch-does-it-his-way-464231.html|title=Philip Lynch does it his way|work=The Independent|date=13 February 2005|accessdate=22 December 2012}} It bought Shamrock Foods in 1989, R&H Hall in 1990 and Cuisine de France in 1997.{{cite web|url=http://www.independent.ie/business/the-quiet-man-2297046.html|title=The quiet man|work=The Independent|date=14 August 2010|accessdate=22 December 2012}}

The company went on to buy Delice de France in 1999 and La Brea Bakery in 2001.

In 2003, Owen Killian who joined IAWS in 1976 took over as CEO of IAWS Plc, replacing Philip Lynch.

{{Citation

| title = Owen Killian IAWS

| newspaper = Irish Independent

| date = 8 February 2004

| url = https://www.independent.ie/business/irish/owen-killian-iaws/26217591.html

| access-date = 11 September 2023}}

In June 2007, Aryzta spun off its agribusiness activities as Origin Enterprises plc.{{cite web|url=http://www.irishexaminer.com/archives/2008/0627/business/aryzta-may-sell-stake-in-origin-enterprises-66037.html|title=Aryzta may sell stake in Origin Enterprises|publisher=Irish Examiner|date=27 June 2008|accessdate=22 December 2012}}

The company merged with Hiestand Holding AG in August 2008 and, having changed its name to ARYZTA, commenced trading on the SIX Swiss Exchange and the Irish Stock Exchange on 22 August 2008. The new name derived from Latin arista, which referred to the apex or awn of a wheat grain.{{Cite news|url=https://www.irishtimes.com/business/agribusiness-and-food/agenda-aryzta-looking-for-dough-as-bakery-business-falls-flat-1.3591260|title=Agenda: Aryzta looking for dough as bakery business falls flat|first=Barry|last=O'Halloran|newspaper=The Irish Times}}

Aryzta bought Honeytop Speciality Foods in September 2011,{{cite web|url=http://www.foodmanufacture.co.uk/Business-News/Switzerland-s-Aryzta-buys-Honeytop-Speciality-Foods|title=Switzerland's ARYZTA buys Honeytop Speciality Foods|publisher=Food Manufacture|date=26 September 2011|accessdate=22 December 2012}} Klemme AG, a German manufacturer of frozen bakery products, for €280 million, in 2013,{{cite web|url=http://www.bakeryandsnacks.com/Manufacturers/Aryzta-to-capitalize-on-frozen-bakery-and-greater-retail-exposure-with-280m-Klemme-buy|title=Aryzta acquires frozen bakery firm Klemme|work=BakeryAndSnacks.com|date=20 February 2013 |accessdate=28 January 2016}} and Pineridge Bakery in Canada and Cloverhill Bakery in the US for €730 million in 2014.{{cite web|url=http://www.bakeryandsnacks.com/Manufacturers/Aryzta-pumps-1bn-into-US-and-Canada-acquisitions|title=Aryzta acquires Pineridge and Cloverhill bakeries for €730m|work=BakeryAndSnacks.com|date=11 March 2014 |accessdate=28 January 2016}} It also acquired the Hungary-based Fornetti group, which has operations in central and eastern European markets, in 2015.{{cite web|url=http://bbj.hu/business/swiss-aryzta-buys-hungarian-fornetti_102090|title=Swiss ARYZTA buys Hungarian Fornetti|date=6 August 2015|publisher=Budapest Journal|accessdate=28 January 2016}}

In October 2016, it was confirmed that Gary McGann would join Aryzta as chairman.

{{Citation

| last1 = Brennan | first1 = Joe

| title = Gary McGann set to join Aryzta as chairman

| newspaper = The Irish Times

| date = 22 September 2016

| url = https://www.irishtimes.com/business/financial-services/gary-mcgann-set-to-join-aryzta-as-chairman-1.2801960#:~:text=Frozen%20baked%20goods%20supplier%20Aryzta,over%20the%20past%20two%20years.

| access-date = 11 September 2023}}

In February 2017, Owen Killian, announced his resignation as CEO of the company.

{{Citation

| last1 = O'DONOGHUE | first1 = PAUL

| title = Why the Roscommon man running the food giant behind Cuisine de France just resigned

| newspaper = FORA

| date = 14 February 2017

| url = https://fora.ie/owen-killian-aryzta-resigns-3238786-Feb2017/

| access-date = 11 September 2023}}

In February 2018, Aryzta announced that it had sold the Big Texas and Cloverhill brands to Hostess Brands,{{cite news|title=Hostess Acquires Aryzta Breakfast Brands|url=http://www.cspdailynews.com/category-news/snacks-candy/articles/hostess-acquires-aryzta-breakfast-brands|accessdate=10 May 2018|work=CSP Daily News|language=en}} and, in March 2018, the company sold its shareholding in Signature Flat Breads back to the Eid family.

{{Citation

| last1 = Perrett | first1 = Michelle

| title = Signature Flatbreads buys out JV partner Aryzta

| newspaper =

| date = 14 March 2018

| url = https://www.foodmanufacture.co.uk/Article/2018/03/12/Signature-Flatbreads-buys-out-JV-partner-Aryzta

| access-date = 12 September 2023}}

In May 2018, Aryzta approved a three-year restructuring plan aimed at delivering €200 million in cost savings over three years.

{{Citation

| last1 = Schroeder | first1 = Eric Schroeder

| title = Aryzta unveils €200 million restructuring plan

| newspaper = Bakingbusiness.com

| date = 24 May 2018

| url = https://www.bakingbusiness.com/articles/46292-aryzta-unveils-200-million-restructuring-plan

| access-date = 12 September 2023}}

In November 2019, the company sold its British specialist bakery business, Delice de France, to its management for an undisclosed sum,

{{Citation

| last1 = McCaughren | first1 = Samantha

| title = Aryzta offloads Delice de France in UK

| newspaper = Irish Independent

| date = 3 November 2019

| url = https://www.independent.ie/business/irish/aryzta-offloads-delice-de-france-in-uk/38654998.html

| access-date = 12 September 2023}}

and, in October 2019, Aryzta reduced its stake in the French frozen food company Picard Surgelés, selling 43% of its stake to Groupe Zouari for €156 million.{{Cite web|title=Aryzta reduces Picard stake in €156M deal {{!}} PitchBook|url=https://pitchbook.com/newsletter/aryzta-reduces-picard-stake-in-156m-deal|access-date=2020-10-11|website=pitchbook.com|language=en}}

In November 2019, The Phoenix reported that "since the appointment of Gary McGann as chairman of Aryzta in December 2016, the share price has fallen from €40 to its current €1.20, a drop of 97%. This is one of the single worst episodes of equity destruction of any Irish company".

{{Citation

| last1 = Bags | first1 = Money

| title = GARY MCGANN FAILS TO DELIVER FOR ARYZTA

| newspaper = Phoenix Magazine

| date = 29 November 2018

| url = https://www.thephoenix.ie/article/gary-mcgann-fails-to-deliver-for-aryzta/

| access-date = 12 September 2023}}

In January 2020, hedge fund Veraison attempted to unseat Aryzta's board of directors.

{{Citation

| last1 = Donnelly | first1 = Ellie

| title = Swiss fund that led Aryzta coup cuts stake in food group again

| newspaper = The Irish Independent

| date = 5 January 2021

| url = https://www.independent.ie/business/irish/swiss-fund-that-led-aryzta-coup-cuts-stake-in-food-group-again-39933183.html

| access-date = 24 February 2022}}

In August 2020, Aryzta announced that the departure of group CFO, Fredric Pflanz, would follow the resignation of two other board members, Dan Flinter and Rolf Watter.

{{Citation

| last1 = Bamford | first1 = Vince

| title = Aryzta loses another senior member of team

| newspaper = Bakeyinfo.co.uk

| date = 5 August 2020

| url = https://bakeryinfo.co.uk/finance/aryzta-loses-another-senior-member-of-team/647099.article

| access-date = 12 September 2023}}

At a special Extraordinary General Meeting, in September 2020, activist investors took control of Aryzta, ousting the board.

{{Citation

| last1 = Percival | first1 = Geoff

| title = Gary McGann leads Irish exodus as activist investors take control of Cuisine de France owner Aryzta

| newspaper = Irish Examiner

| date = 16 September 2020

| url = https://www.irishexaminer.com/business/companies/arid-40049954.html

| access-date = 12 September 2023}}

In 2021, London-based Lodbrok Capital LLP's European Credit Opportunities Fund helped Aryzta stop a take-over bid from Elliott Management Corp.{{Citation

| last1 = García Pérez | first1 = Irene

| last2 = Kumar | first2 = Nishant

| title = London Lodbrok Capital Hedge Fund Posts 32% Gain for 2021

| newspaper = Bloomberg News

| date = 21 January 2022

| url = https://www.bnnbloomberg.ca/london-lodbrok-capital-hedge-fund-posts-32-gain-for-2021-1.1711091

| access-date = 24 February 2022}}

In 2021, the company sold off its Brazilian businesses (Aryzta do Brasil) to Grupo Bimbo,{{Citation

| last1 = Taylor | first1 = Charlie

| title = Aryzta agrees new €500m credit facility and sells Brazilian businesses

| newspaper = The Irish Times

| date = 19 August 2021

| url = https://www.irishtimes.com/business/agribusiness-and-food/aryzta-agrees-new-500m-credit-facility-and-sells-brazilian-businesses-1.4650802

| access-date = 24 February 2022}} and sold off its North American holdings to private equity firm Lindsay Goldberg for $850 million.{{Cite web|url=https://www.fooddive.com/news/aryzta-sells-north-american-bakery-business-to-private-equity-firm-for-850/596827/|title=Aryzta sells North American bakery business to private equity firm for $850M|website=Food Dive}}

In 2022, Aryzta more than doubled its bakery capacity in Malaysia through the acquisition of the bakery, equipment and associated land of De-Luxe Food Services from Envictus International Holdings.{{Citation

| last1 = Gleeson | first1 = Colin

| title = Aryzta more than doubles its capacity in Malaysia

| newspaper = The Irish Times

| date = 14 February 2022

| url = https://www.irishtimes.com/business/agribusiness-and-food/aryzta-more-than-doubles-its-capacity-in-malaysia-1.4801706

| access-date = 24 February 2022}} and, in March 2023, Aryzta announced that it had doubled its production capacity for sourdough and speciality breads in the UK and Ireland with an investment in the Grange Castle bakery in Dublin.

{{Citation

| last1 = Bramford | first1 = Vince

| title = Aryzta says bake-off success is driving market share gains

| newspaper = Bakeryinfo.co.uk

| date = 6 March 2023

| url = https://bakeryinfo.co.uk/finance/aryzta-says-bake-off-success-is-driving-market-share-gains/676961.article

| access-date = 12 September 2023}}

ARYZTA is known for its Delice de France range of French-style bread-based products and its higher end of Artisan Breads available from La Brea Bakery. Other brands include Shamrock Foods, Cuisine de France and Hubert. Aryzta is particularly known for providing McDonald's burger buns.{{Cite web|url=https://www.bloomberg.com/view/articles/2018-08-13/maker-of-mcdonald-s-buns-is-a-recipe-for-disaster|title=McDonald's Buns Maker Is In a Kitchen Nightmare|last=|first=|date=13 August 2018|website=Bloomberg|access-date=}} Aryzta operates 53 bakeries & kitchens across Europe, North America, South America, Asia, Australia and New Zealand. Aryzta refers to itself as one of the largest frozen bakery companies in the world.{{cite news | url = http://www.foodbusinessnews.net/articles/news_home/Business_News/2015/01/Aryzta_Behind_the_scenes.aspx?ID={674DCD4F-87A5-4B05-8E92-0489823735CF} | title = Aryzta: Behind the scenes | newspaper = Food Business News | date = 2015-01-26 | author = Dan Malovany | accessdate = 2015-10-05 }}

File:IAWS Group (logo).svg

{{reflist}}

• {{Official website|https://www.aryzta.com}}

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Category:Food and drink companies of Switzerland

Category:Manufacturing companies based in Zurich

Category:Companies listed on the SIX Swiss Exchange

Category:Food and drink companies established in 1897

Category:1897 establishments in Ireland