PE firm Sagard emerges final bidder for Sara Lee's French refrigerated dough unit

Franco-Canadian private equity firm Sagard has emerged as the final bidder for Sara Lee's French refrigerated dough unit Eurodough, Reuters yesterday reported, citing sources familiar with the situation.

Although the news agency could not ascertain the deal size, Eurodough, which produces and sells ready-to-cook pastry products for professionals, consumers, and retailers in Europe, is valued between €100 million ($137 million) and €150 million ($206 million).

Private equity firm Trilantic Capital Partners had also put in its bid for Eurodough, which has EBITDA of about €15 million.

Eurodough is part of Sara Lee's international bakery units, which was put on the block by the Illinois-based company. Last month it sold its North American Fresh Bakery business to Mexico's Grupo Bimbo for $959 million.

The sale is also the latest in a series of divestures for Sara Lee since 2006 that has seen the American consumer goods company sell of a wide range of businesses like Coach handbags, North American bakery business, global body care, European detergents business and North American private brand refrigerated dough business among others.

Eurodough, which was acquired by Sara Lee from Anheuser Busch in 2001, operates three production sites in France and is best known for refrigerated dough sold under the Croustipate brand that is used to make pizza, croissants and cakes. It also makes ready-to-cook pastry products.