FGF Brands, a Canadian, family-owned bakery company, agreed to acquire the fresh and frozen bakery businesses from Weston Foods, a holding company that operates through three subsidiaries encompassing retail, real estate, and consumer goods, for $1.2bn. "The Weston Foods business has been the foundation for the Weston Group in Canada since its establishment in 1882 and the decision to sell it was a difficult one. However, we are pleased that the purchaser of the fresh and frozen businesses is FGF, another long-standing family business with a strong presence in bakery and a significant footprint in Canada. With FGF as the new owner, the business will be in good hands," Galen G. Weston, Weston Foods Chairman and CEO.