Hearthside Food Solutions LLC signed a definitive agreement to acquire Weston Foods Ambient Bakery Business from George Weston Limited (TSX:WN) for CAD 370 million on November 15, 2021. The acquisition includes six North American bakery facilities (including one in Canada). In a related transaction, George Weston also entered into a definitive agreement to sell its fresh and frozen bakery businesses to affiliated entities of FGF Brands Inc. for aggregate cash consideration of CAD 1.2 billion. Together with the sale of the fresh and frozen business, the sale of the ambient business represents the disposition of George Weston’s entire bakery business, for an aggregate value of CAD 1.57 billion at a combined multiple of approximately 10x the estimated 2021 EBITDA for the bakery segment. Weston Foods’ 1,100 employees will join the Hearthside family. The sale of the Weston Foods ambient business is subject to compliance with the Hart-Scott Rodino Antitrust Improvements Act of 1976 and other closing conditions customary in transactions of this nature. Subject to the receipt of all regulatory approvals and satisfaction of customary transaction closing conditions, George Weston expects to close the transaction before the end of the first quarter of 2022. The company expects to return the net proceeds from the transactions to shareholders through share repurchases over time. Houlihan Lokey and CIBC Capital Markets are serving as financial advisors and Marina G. Aronchik, William R. Kucera, Marc F. Sperber, Debra B. Hoffman, William H. Stallings, Meytal McCoy, Kim A. Leffert, David B. H. Saye and Cory S. Menees of Mayer Brown LLP and Adrienne DiPaolo, Ebad Rahman, Mitch Frazer, Darryl Hiscocks, Andrew Gray, Molly Reynolds, Michelle Nelles, Teresa Reguly, Michael Fortier, Tom Zverina, Rose Bailey, Dany Assaf, Corrado Cardarelli and Gwen Watson of Torys LLP are acting as legal advisors to George Weston. Ropes & Gray LLP and Stikeman Elliott LLP are acting as legal advisors to Hearthside. Hearthside Food Solutions LLC completed the acquisition of Weston Foods Ambient Bakery Business from George Weston Limited (TSX:WN) on December 29, 2021.