Spain-based Mejorconpan has acquired local bakery business Rogelio Iglesias e Hijos for an undisclosed sum.
The deal includes full ownership of Rogelio Iglesias and its facilities located in the towns of Cangas, O Morrazo and Moana, all in the province of Pontevedra, and Rozabales in the parish of Aldán.
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Through the deal, Mejorconpan will consolidate its presence in Pontevedra and that of its major brand Panatier. All 43 workers, both permanent and temporary staff, at Rogelio Iglesias will be retained, with Mejorconpan also expected to hire new workers as it expands the number of point of sale locations in the province.
The Iglesias family owners have been in the process of selling the business for the past year with the corporate finance division of the Solventis financial group acting as adviser. The company generated a turnover of EUR3.6m (US$4.1m) in 2017 and profits of EUR113,559.
As well as artisan breads, Rogelio Iglesias also makes the traditional fried pasties empanadas and the filled fritas called canitas.
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By GlobalData
