Grupo Bimbo has officially announced its acquisition of Joy Food International, a prominent producer of industrial bread based in Morocco. This strategic move underscores Grupo Bimbo’s commitment to expanding its footprint within the food and beverage industry.
The transaction will be executed through the company’s Spanish subsidiary, Bakery Iberian Investments SL, which will take over all of Joy Food’s shares and voting rights. Notably, the financial specifics of this deal have yet to be disclosed.
Founded in 2009, Joy Food International specializes in a diverse array of bread products, including Lebanese bread, burger buns, sandwich bread, pizza dough, and tortillas. This acquisition enhances Grupo Bimbo’s existing operations in Morocco, a market it initially entered in 2017 with the purchase of local baked goods producer Groupe Adghal.
Furthermore, this latest acquisition not only strengthens Grupo Bimbo’s influence in northern Africa but also complements its business ventures in Tunisia, where it acquired the sweet baked goods manufacturer Moulin d’Or in April 2024.
In terms of operations, Grupo Bimbo also maintains manufacturing facilities in South Africa. Globally, the company boasts a substantial presence in 39 countries and covers 52 markets through various partnerships. Its industrial network consists of 249 bakeries and over 1,500 sales centers across the Americas, Europe, Asia, and Africa.
In recent leadership changes, Alejandro Rodríguez Bas was appointed as the new CEO of Grupo Bimbo in November. The company also published its third-quarter results in October, showing notable financial performance: net sales reached 107.4 billion pesos ($6 billion), a 1.2% increase compared to the previous year.
Operating income saw a slight rise of 0.4%, totaling 9.4 billion pesos, while adjusted EBITDA grew by 0.8% to 15.8 billion pesos. However, net majority income fell by 9%, amounting to 3.3 billion pesos.
Moving into 2024, Grupo Bimbo reported a 6.5% decline in operating income to 33.1 billion pesos. In contrast, adjusted EBITDA increased by 1% to 55.4 billion pesos, though net majority income experienced a significant drop of 18.9%, totaling 12.5 billion pesos.
Throughout 2024, Grupo Bimbo has made several impactful acquisitions, including the Slovenia-based Don Don bakery, Romania’s Karamolegos Bakery, and a gluten-free bakery company, Amaritta, in Spain. These moves align well with current food and drink consumer trends and position the company favorably within the evolving food and beverage industry.
As the landscape of the food and drink business continues to shift, Grupo Bimbo remains poised for sustainable growth and innovation.
