The owners of Spain-based manufacturer Pastas Gallo have reportedly agreed to sell the business to local private-equity firm ProA Capital.
Various reports in Spain have said the five brothers that own Pastas Gallo have given the green light to an offer from ProA Capital.
just-food has approached Pastas Gallo representatives and ProA Capital for comment on numerous occasions but had received no comment at the time of writing.
Spanish business publication Expansión said an agreement in principle was signed on Friday (5 July). It added ProA Capital had seen off interest from two other private-equity firms, TowerBrook Capital Partners and Ventura Equity Partners, as well as another Spanish manufacturer Idilia Foods.
The brothers behind pasta, sauces and noodles supplier Pastas Gallo are reported to be set to retain between them a minority stake in the business.
Expansión reported ProA Capital will pay EUR200m for Pastas Gallo. Another Spanish newspaper, La Vanguardia, reported the private-equity firm would pay EUR227m.
La Vanguardia said Pastas Gallo generated sales of EUR200m and EBITDA of almost EUR22m last year.