Bimbo to sell Panrico bread assets to Adam Foods

Bimbo to sell Panrico bread assets to Adam Foods

Spanish food maker Adam Foods has reached an agreement to acquire certain Panrico assets in Spain, Portugal and Andorra from Mexican baker Grupo Bimbo

The agreement could see Adam Foods take control of Panrico's bread business, including two production plants in Gulpilhares, Portuga, and Teror, Gran Canaria. Adam would also gain patents and licenses to market Panrico products in Italy, Germany and France. 

Bimbo struck a deal to acquire European bakery Panrico from private equity firm Oaktree Capital Management in June 2015. Bimbo said yesterday (26 April) that the original acquisition agreement has been amended to include Panrico's bread assets, which it will simultaneously sell to Adam Foods. 

The transaction does, however, remain subject to competition authority approval, with regulatory clearance for Bimbo's acquisition of Panrico still pending.  

In a statement, Bimbo said it expects the deal to be completed during the second half of 2016.

Adam Foods participates in the Spanish and Portuguese cookie and cakes categories. The company also makes soups, pates and honey with brands like Artiach, Cuétara, Tostarica, Chiquilín and Granja San Francisco. 

Financial details of the transaction were not disclosed.