News | March 12, 2021

Lindsay Goldberg To Acquire ARYZTA AG's North American Bakery Business


Lindsay Goldberg, a leading private investment firm that focuses on partnering with families, founders, and management teams, announced today that affiliates of the firm have entered into a definitive agreement to acquire ARYZTA North America (“ANA” or the “Company”), one of the largest B2B providers of frozen baked goods in the U.S. and Canada, from ARYZTA AG (“ARYZTA”).

ANA provides breads, sweet and savory baked goods, and snacks to leading customers in the quick-service restaurant, foodservice, and retail markets across the U.S. and Canada. With over 1,500 unique products, the Company has one of the broadest portfolios in the industry, including both private label and branded offerings under the Otis Spunkmeyer, La Brea Bakery, and Oakrun Farm Bakery brands. ANA operates 15 state-of-the-art production facilities with over 4,000 employees in the U.S. and Canada. Lindsay Goldberg has deep familiarity and a successful history with much of the ANA business, having built and sold a predecessor to ANA in 2010.

“ANA is one of the leading suppliers of high-quality baked goods in the U.S. and Canada, and we look forward to partnering with management to continue ANA’s tradition of serving millions of consumers,” said Russell Triedman, Managing Partner of Lindsay Goldberg.

Eric Fry, Partner at Lindsay Goldberg, added, “We are excited to partner with the ANA management team as they execute their strategy to drive growth and create value for their customers by building on the Company’s tradition of exceptional customer service and leading product innovation.”

“This is an exciting step in the evolution of our market-leading business and brands, and a strong endorsement of the hard work and commitment of our talented employees,” said Tyson Yu, Chief Executive Officer of ANA. “Lindsay Goldberg is renowned for its collaborative approach in partnering with management teams to build great businesses. The firm’s extensive industry experience, network of relationships, and broad operational expertise position us to maintain the highest standards for food safety and sustainability and accelerate our innovation and future growth trajectory.”

The transaction is subject to customary closing conditions and regulatory approvals. Houlihan Lokey and Alantra acted as financial advisors to ARYZTA AG.

About Lindsay Goldberg
Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Since 2001, Lindsay Goldberg has raised more than $17 billion of equity capital and has invested in over 50 platform companies and over 250 follow-on opportunities. The firm focuses on a diverse set of industries that have demonstrated resilience across economic cycles, including industrials, business, government and financial services, and healthcare in North America and Western Europe. Lindsay Goldberg takes a relationship driven approach and is supported by its global network of affiliate partners. For more information about Lindsay Goldberg, please visit

ARYZTA is a global food business with a leadership position in convenience bakery. ARYZTA is based in Schlieren, Switzerland, with operations in North America, South America, Europe, Asia, Australia and New Zealand. ARYZTA is listed on the SIX Swiss Exchange (SIX: ARYN).

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