Spanish group Vicky Foods has signed an agreement to acquire the bakery brand Panrico from local peer Adam Foods.

Financial terms of the deal were not disclosed.

The family-owned company said Panrico will add “greater production capacity in a key category, especially in the sliced bread segment”.

Rafael Juan, Vicky Foods' CEO, said: “The acquisition of Panrico reinforces our identity as a company with bakery roots. We are committed to growing the bread category, strengthening our brands, and continuing our international expansion with a solid, long-term industrial vision.”

The company said bread has become its biggest business line by sales volume in recent years, moving ahead of pastries since 2022.

It added that the integration of Panrico, which generated a turnover of more than €23.8m ($27.4m) across Spain and Portugal last year, “reinforces this evolution”.

Covering Spain and Portugal, the transaction includes the Panrico brand and its main industrial asset: a production site in Gulpilhares, Portugal.

The facility covers more than 50,000 square metres, has three sliced-bread production lines and an annual capacity of 21,000 tonnes.

Vicky Foods currently operates four production plants making close to 2,500 products, located in Gandía, Villalonga, Algeria and France.

The group also described the purchase as part of its international growth plans and a “significant” move to strengthen its industrial footprint across the Iberian Peninsula.

It said bringing the Gulpilhares site into its network will deepen its position in Portugal, increase operational capacity in the region and widen development potential in “strategic” European markets.

Vicky Foods has a presence in more than 50 countries. Its brands include Dulcesol, Be Plus, and Hermanos Juan. The company generated a turnover of €707m in 2024.

For Adam Foods, the sale is in line with its efforts to focus on biscuits, where it expanded in 2023 with the acquisition of Dr. Gerard from the Bridgepoint investment fund.

José Manuel Faria, Adam Foods biscuits division general manager, said the company also recently bought Biscoland, along with a biscuits facility in Casablanca, Morocco.

Faria added the sale of Panrico “responds to the desire to find a partner that guarantees the continuity of industrial activity and long-term employment at Panrico, and is part of the group's international expansion strategy focused on the biscuit category".