Bread brands, including Wickbold, on sale in Petropolis, Brazil, 19 December 2023. Credit: AlessandraRC / Shutterstock.com

Grupo Bimbo is adding to its position in Brazil with the acquisition of local bakery group Wickbold.

As part of the deal, the Mexican bakery giant is picking up four more factories in southern Brazil.

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More than 2,500 staff work for Wickbold, which is based in Diadema in São Paulo state. Wickbold’s origins date back to the 1930s when Henrique Wickbold bought a bakery in São Paulo.

Financial terms were not disclosed. In a brief statement, Bimbo only provided an outline of the deal, which also includes the Wickbold and Seven Boys brands. Wickbold acquired Seven Boys in 2015.

Grupo Bimbo CEO Rafael Pamias said: “This family-owned business complements our brand portfolio with brands that consumers love and better positions our company in the south region of Brazil.”

Reports in Brazil said Wickbold generated revenue of Rs1.6bn ($284.9m) in 2022.

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Grupo Bimbo entered Brazil in 2001 with the acquisition of Plus Vita and Pullman, two brands it still sells in the country. In 2008, the company snapped up the Nutella brand.

Three years ago, Grupo Bimbo struck a deal with ARYZTA to buy its rival’s operations in Brazil.

The product range Grupo Bimbo offers in Brazil also includes Ana Maria, Rap10 and Crocantissimo

The group does not disclose revenues for specific markets. When the company reported its second-quarter results in July, it booked a 3.8% rise in sales – excluding the impact of exchange rates – from its operations in Latin America to 98.09bn pesos ($4.98bn). One of the factors Grupo Bimbo cited for the increase was a “strong performance” in Brazil.

The company’s total net sales inched up 0.5% to 45.37bn pesos.