Monbake Group, a frozen baked-goods business in Spain, has been acquired by Luxembourg-based private-equity firm CVC Capital Partners.

CVC Capital has purchased Monbake from France-based investment company Ardian and co-investors Alantra, Artá and Landon.

Financial details were not disclosed in a statement from CVC Capital but the Spanish publication El Confidencial reported that the price would be close to €1bn ($1.08bn).

“After six years of supporting the domestic and global growth of the company and with the initial objectives achieved, Ardian considers that the investment cycle has ended, and will now allow CVC to spearhead the next phase of Monbake’s growth,” the private-equity firm said in the statement.

Monbake was established in 2018, when Ardian bought bakery companies Berlys and Bellsolá.

The baked-goods company’s CEO Aurelio Antuña said: “We would like to thank Ardian for their strong support and commitment to Monbake’s growth over the past six years.

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“At the same time, we are proud of CVC’s decision to support our company in its consolidation and continued growth phase. We are convinced that CVC is the right partner to take Monbake to the next level, and we look forward to working with them over the coming years.”

Monbake has nine factories supplying hospitality, specialised channels and retailers such as Mercadona and Lidl. Monbake also has 200 of its own stores and cafés. At the end of 2022, it employed more than 1,700 people.

“We are honoured to become Monbake’s new partner, offering our experience and proven track record in the sector to support the next phase of growth,” José Antonio Torre de Silva, a partner at CVC Capital, said.

“We have full confidence in the management team and we will work closely with them to implement the company’s global growth strategy and strengthen its innovation capabilities to secure its position as an industry leader.”

At the end of its fiscal 2022, the latest available figures from Spain’s Registro Mercantil, Monbake achieved a consolidated turnover of €382m, up 28% compared to the previous year. The group reported a net loss of €20m.