Le Duff Group, the French bakery and foodservice business, has swooped for Spain-based bread and pâtisserie company Panamar.
In a statement, Le Duff, the owner of France-based bakery major Bridor, described the deal as the largest in its history. Financial terms were not disclosed. Le Figaro said Le Duff paid more than €1bn ($1.15bn).
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Panamar, until now family-owned, makes bread, Viennese pastries and pâtisserie products for sale to retail and foodservice customers.
The company, which exports to more than 20 countries, employs 2,600 staff. It is forecast to generate a turnover of €600m this year.
The move for Panamar is the latest in a series of acquisitions by Le Duff for the Bridor business. In 2021, Bridor’s turnover stood at €750m and it is targeting €2.5bn this year.
“Integrating Panamar enables Bridor to take another decisive step forward by becoming a global leader in bakery and Viennese pastry products and a major player in the Iberian peninsula,” Bridor CEO Philippe Morin said. Four years ago, Bridor snapped up Portuguese bakery business Panidor.
Panamar president Isabel Martinez said the sale “is fully in line with Panamar’s ambitions for the future”. She added: “We are embarking on this new chapter with confidence.”
Bridor’s most recent acquisition in Europe came two years ago with a deal for Dutch organic baker Pandriks. Last year, the company set out plans for investment at Pandriks, as well as for new bakeries in France and Switzerland.
The group has also been spending on its production network in the US. Last year, Bridor opened a new line at its site in New Jersey. The company has also been building a new factory in Utah and another in Texas. It wants to double its worldwide turnover by 2031.
In March last year, the group also acquired Australia-based Laurent Bakery.
