Hungary: Aryzta AG to acquire Fornetti KFT

Kecskemét / HU. (fn / eb) Swiss Aryzta AG bought Hungarian Fornetti KFT on 04 August 2015, which signifies a new chapter in the history of Hungary’s leading bakery company – Fornetti announced on its website. The decision to sell Fornetti was taken because the company has reached the limits of its growth potential, former managing director József Szabó said in a separate release.

After the agreement the new owner will aim to improve Fornetti and to build a Hungarian-rooted international company with an international reputation, Fornetti announced. Founded as a small family business by master baker József Palásti 1997, the company posted for 2014 revenues of 64.6 million EUR (20 billion HUF). The interesting history is available on the company website.

Fornetti employs approximately 800 people in Hungary and a further 500 in Bulgaria and Romania. According to bakenet:eu in July 2007, the Fornetti Frozen Bakers Products and Trading Limited counts two plants in the Ukraine. The franchise system has also been developed successfully in Serbia, Croatia, Slovakia, the Czech Republic, Poland and Kuwait.

Beside leadership and management experiences the new CEO Sebastian Gooding has also significant experience in the operation of the bakery product market. The founder and former owner József Palásti will continue to help the company as external consultant and brand ambassador.

With the transaction Aryzta AG strengthens its presence in Central and Eastern Europe. According to Hungarian newspapers, Aryzta is working on the long-term development of Fornetti. That shall start with a one million EUR investment in the coming six months. As a result the number of employees would increase substantially (Image Source: Fornetti).