Irish food group IAWS has bought a 22% stake in Swiss-based Hiestand, which specialises in gourmet confectionery and breads, for 26m euros.

IAWS managing director Philip Lynch said: “The investment in Hiestand will provide a platform, which will allow us to unlock the potential synergies in both complementary markets and technologies.”

Hiestand manufactures and distributes frozen bakery goods to the retail and foodservice market in the UK and continental Europe as well as Asia and Japan and had sales of 200m last year.