Irish food and agri-business IAWS Group has acquired US speciality baked good business Otis Spunkmeyer for approximately E340m (£229m).

Otis Spunkmeyer supplies prepared products for fresh baking, as well as ovens, merchandising, display cases and point of sale material. Last year it recorded sales of $336m (£181m) and a pre-tax profit of $48m (£26m).

Owen Killian, CEO of IAWS Group, said: “The acquisition is an excellent fit and offers IAWS a strong platform for future growth in the US market.”