Europastry, the Spain-based bakery group, has snapped up a majority stake in Chile’s Alicomer.
The deal, struck for an undisclosed sum, gives Europastry a local production base in a market where the company already sells to bakeries and foodservice clients.
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Alicomer has two production plants in Santiago that make breads sold under the Pan de Origen brand.
In a statement, Europastry said the breads are “made with sourdough and slow-fermentation processes”.
The Alicomer product range includes ciabatta, sourdough, olive bread and a low-carb, high-protein SKU.
In contrast to Europastry’s client base in Chile, Alicomer supplies the country’s supermarket chains.
“The addition of Alicomer and Pan de Origen strengthens our commitment to innovation, quality and international growth, while opening up new opportunities to continue expanding in Latin America and offering products that meet the evolving needs of our customers and consumers,” Europastry executive chairman Jordi Gallés said.
Privately-owned Europastry’s presence in Latin America includes factories in Mexico and offices in Colombia and Costa Rica.
In June, the company confirmed the acquisition of US business Highland Baking Company. Europastry said the deal took its annual revenue above €2bn (then $2.28bn).
Highland Baking, founded in 1984, supplies bakery products to the foodservice sector. Its portfolio includes hamburger buns, pretzel, ciabatta and pan breads, among other lines.
The company runs two production sites, in Northbrook, Illinois and in Spartanburg, South Carolina.
Europastry operates in more than 90 countries and employs over 6,000 people.
Last year, Europastry acquired 60% stake in Thailand-based Art of Baking, which produces ready-to-eat and frozen bakery products.
The company has also made two attempts to launch an IPO but cancelled both due to “heightened volatility” in the market.
