Swiss frozen bakery group Aryzta is continuing its acquisitions in France. Its subsidiary Coup de Pates is acquiring 100% of Frigegro, a frozen food distributor in the Limoges region. Announced at the end of October 2026, the transaction is the group’s second in France this year, following the acquisition of Société Européenne des Beurres in June. The two acquisitions are expected to add €35 to €40 million in annual revenue.
Analysis by the experts at Auris Finance, M&A and financial engineering advisory firm.
Frigegro is no newcomer for Aryzta. Since 1994, the company has been the exclusive independent distributor of the Aryzta, Coup de Pates and La Carte d’Hubert brands in the Limoges region. With this acquisition, the group integrates a commercial partner of more than thirty years and takes control of the distribution of its brands in the Limousin.
Two long-standing distributors acquired in 2026
The group’s two French transactions this year follow an identical pattern. Founded in Bordeaux in 1973, Société Européenne des Beurres distributes frozen bakery products in South-West France. Since 1991, it had been the exclusive distributor of the Coup de Pates and La Carte d’Hubert brands in the region. Coup de Pates acquired its entire share capital in June, for an undisclosed amount.
Bordeaux in June, Limoges in October: in both cases, Coup de Pates is taking over the distributor that had already been marketing its brands exclusively in its territory for more than thirty years.
Coup de Pates, Aryzta’s French business
Coup de Pates sells a wide range of frozen products to professionals: viennoiserie, pastries, breads, snacking, and savoury and sweet reception items. Its catalogue brings together two brands, Coup de Pates and La Carte d’Hubert, and professional clients can order directly online.
France holds an important place within the group. In 2025, Aryzta generated €353.4 million in revenue there, out of a total of €2.2 billion. The €35 to €40 million contributed by the two acquisitions is thus equivalent to 10 to 11% of the group’s French business.
Aryzta, an international bakery player
Listed on the Swiss stock exchange, Aryzta operates in Europe, Asia, Australia and New Zealand. The group’s brands include Cuisine de France, Coup de Pates and La Carte d’Hubert. Europe is its largest market: the region accounted for €942.7 million in revenue in the first half of 2026.
For the 2025 financial year, Aryzta generated revenue of €2.2 billion, up 1.3%, with organic growth of 1.5%. EBITDA stood at €306.9 million, representing a margin of 13.8%. The group generated free cash flow of €120 million.
Aryzta confirms its 2026 targets
In the first half of 2026, the group generated revenue of €1.06 billion, EBITDA of €139.9 million and net income of €47.2 million. Its EBITDA margin stood at 13.2%.
For the full financial year, Aryzta confirms EBITDA of around €300 million and free cash flow of around €100 million. Its financing costs are expected to come in below the previously announced range of €37 to €40 million. The group is also targeting €20 to €30 million in net savings by 2028 as part of its operational improvement programme.
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