Angel Bakeries to Buy Out North American Pita Partnership for $21.9 Million
Angel Bakeries is acquiring full control of its profitable North American pita business for $21.9 million, seeking to offset domestic losses as overseas sales surge.
Angel Bakeries, controlled (22.6%) and managed by Yaron Angel, is set to acquire full ownership of its profitable North American pita-manufacturing partnership for $21.9 million through a related-party transaction. The company has called a shareholder meeting to approve the deal, under which its granddaughter company, YOY Angel, will buy out all holdings of Yossi Angel—cousin and brother of controlling shareholder Ruth Miron—in the joint ventures operating across North America.
The North American operations generated $10.6 million in sales during the first half of the year, posting a net profit of $3.17 million. In contrast, Angel's domestic activity in Israel recorded a sectoral loss of 21.8 million shekels on sales of 267.7 million shekels over the same period, burdened by price-controlled items that account for a quarter of its local business.
Expanding Overseas Presence
North American sales surged 17.2% in 2025 to 65.3 million shekels, following a 21.2% growth rate in 2024. Consequently, the US business expanded to account for roughly 11% of total company sales, up from 10% in 2024 and 8.5% in 2023. Management views the buyout as a crucial step toward achieving greater operational flexibility and accelerating international expansion.
The transaction will be funded through internal resources or external financing, with half of the $21.9 million sum paid upon completion. The remainder will be disbursed across scheduled installments over the following eighteen months. The valuation was reviewed by the audit committee and board of directors, backed by a fairness opinion from external evaluator Kfir Calderon.
