The Mexican bread titan said the acquisition would position Canada Bread for further growth in the country and expects annual sales to top C$130m ($112m).
Saputo Bakery produces a range of snack cakes under a number of brands, including Vachon, Jos Louis and Ah Caramel. Operations comprise of more than 640 employees and one production facility in Quebec.
Grupo Bimbo acquired Canada Bread earlier this year for C$1.83bn, receiving full clearance on the buy in March.