Funds advised by private equity investment group Apax Partners have announced an agreement to acquire a majority shareholding in Spanish bakery company Panrico from the Costafreda Family, La Caixa and other minority shareholders.
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Grupo Panrico, one of the most prominent Spanish food groups, is the leading Iberian bakery company, Apax said.
Founded in 1961, Panrico focuses on the value added branded pastries and sliced bread categories, where it operates under pre-eminent brands such as Donuts, Panrico, Bollycao and Donettes.
“Panrico is a leader in each of its business segments, both in Spain and Portugal,” said
Nicolás Bonilla, head of Apax Partners Spain. “Panrico’s unparalleled product mix, highly diversified customer base and unique distribution network offer significant growth prospects. Apax has every confidence in the current management team, who will continue leading the company. Panrico is our Funds’ fifth investment in Spain in the last two years, and demonstrates our commitment with the Spanish private equity market.”
“We are delighted with today’s announcement. Apax Partners’ Funds’ investment will be a milestone in the history of Panrico and will help us to achieve the ambitious goals we have set for the future,” said Albert Costafreda, who will continue to be chairman of Grupo Panrico.
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By GlobalDataThe transaction is expected to close in November 2005.
