[ad_1]
MEXICO CITY — Grupo Bimbo SAB de CV has acquired Mile Hi Bakery, Denver. The transaction, which had been the subject of industry speculation for a few months, was announced Oct. 26 by Bimbo in connection with its third-quarter financial results.
Mile Hi Bakery is a supplier of buns and English muffins for the quick-service restaurant (QSR) channel.
“This strategic acquisition strengthens our geographic presence in this high-growth industry and open doors to new QSR customers in the US,” Rafael Pamias, chief operating officer, said in an Oct. 26 conference call with investment analysts.
Mile Hi Bakery was part of Mile Hi Companies, a business owned and run by four generations of the Taddonio family with roots dating back to the early 1900s when Michael Taddonio emigrated to Denver from Italy. For most of the 20th century, the business specialized in the sale of fruits and vegetables to local restaurants and grocery stores. In 1956, the company was awarded the contract to supply the first McDonald’s restaurant in Denver, business that grew with the quick-service restaurant chain.
The business, known as Mile-Hi Foods, currently serves more than 360 restaurants.
In 1985, Mile Hi Bakery was built to supply buns to McDonald’s across the Rocky Mountain Region. The business also supplies baked foods to Red Robin, Wendy’s and more coast to coast, according to Mile Hi.
A new LEED Gold certified baking plant with the ability to bake English muffins was built in 2014.
Bimbo dramatically expanded its presence in the QSR market beginning with its 2017 acquisition of East Balt Bakeries. More recently the company has built a new $25 million plant in Valdosta, Ga., to supply the QSR market. In its third-quarter financial results announcement, Bimbo also said it has acquired a majority stake — 60% — of its QSR business in Switzerland.
[ad_2]
Source link