Aryzta has announced that it is selling off its entire holding in Origin Enterprises plc.

Aryzta raised gross proceeds of €228,578,729 by placing 36,282,338 shares in Origin at €6.30 per share.

During the year ended July 31, 2015 Origin contributed c. €30m or c. 33 cents per share to the underlying fully diluted earnings of Aryzta.

The proceeds will be used to strengthen Aryzta’s balance sheet.

Owen Killian, CEO of Aryzta said Origin Enterprises is an outstanding company and has carved out a niche as the most innovative, research based Agronomy Business in Europe.

“Under the leadership of an exceptional CEO, Tom O’Mahony, Origin has been transformed into a modern, focused, agribusiness bringing tremendous value to its farmer customers and facilitating sustainable food production.

“The long-term prospects for Origin are excellent and I wish Tom and his colleagues continued success. I will resign as Chairman of Origin Enterprises in October having held the role since we launched the business in 2006, prior to the IPO in 2007, and Patrick McEniff, Aryzta CFO/COO will resign as a director of Origin Enterprises at the same time.”

The Placing, in which Goodbody Stockbrokers and J&E Davy acted as joint bookrunners, is scheduled to settle next week on September 29, 2015.

Artzta is a global food business in frozen bakery, par-baked breads and speciality bakery products, including Cuisine de France.