ARYZTA has reached an agreement with Lion Capital and Invest Group Zouari (IGZ) to divest its remaining 4.64% interest in the French frozen food company Picard for a €24m ($29.4m) consideration.

In 2015, ARYZTA acquired a 49% stake in Picard, which specialises in the production of breads, pies and desserts.

With nearly 930 stores, Picard is one of the key players in the French frozen food market.

In addition to France, the company also expanded internationally with new stores in Belgium, Italy, Sweden and Japan.

ARYZTA chairman and interim CEO Urs Jordi said: “The board and management of ARYZTA is now fully focused on delivering its two-part plan to improve the business performance, reduce costs by 25%, and significantly strengthen its balance sheet with the planned disposal of its Americas businesses.”

Completion of the deal is expected to take place in the first quarter of 2021.

In October 2019, Aryzta agreed to sell the majority of its stake in Picard to Invest Group Zouari (IGZ).

The bakery company divested its 43% stake in Picard for a total consideration of €156m ($171m).

The divestment is part of the company’s strategy to dispose of its non-core assets, which has so far raised a total of €380m.

After the completion of the transaction, Aryzta held a 4.5% stake in the French food company, which is now being divested to Lion Capital and IGZ.

Last December, Aryzta divested its take-and-bake pizza business in North America as US hedge fund Elliott Management made a €734m ($890m) offer for the Swiss-Irish food group.