March 10/Zurich, Switzerland/Press Release -- Aryzta A.G. has agreed to acquire Canada-based Pineridge Bakery and U.S.-based Cloverhill Bakery for approximately $1.013 billion. Aryzta said it plans to invest an additional 70 million euros in the companies after the transactions are complete.

The two companies had combined revenues of roughly $555 million in 2013 with double-digit revenue growth and margins comparable to Aryzta’s Food Group margins.

“These acquisitions will significantly enlarge Aryzta’s manufacturing footprint in North America,” Aryzta said in a statement. “They extend Aryzta’s customer access in Canada and product portfolio in the U.S. by providing an attractive entry point into the high growth North American snacking market through leveraging these businesses successful customer partnership modes.”

Founded in Chicago in 1961, Cloverhill Bakery’s line of bakery snacks includes Danish pastries, cinnamon rolls, crumb cakes, cake donuts, honey buns and muffins. Pineridge Bakery is a provider of specialty fresh and frozen private label and branded baked goods.