Grupo Bimbo S.A.B. de C.V. announced a preliminary agreement to acquire Panrico S.A.U. in Spain and Portugal. This acquisition includes 100 percent of the shares, excluding the branded packaged bread category. The transaction is conditional upon the result of due diligence, signing a final acquisition agreement, and the receipt of customary regulatory approvals.
Grupo Bimbo is the largest baking Company in the world in terms of volume and sales. Grupo Bimbo has 166 plants and approximately 1’600 sales centres strategically located in 22 countries throughout the Americas, Europe and Asia. Its main product lines include fresh and frozen sliced bread, buns, cookies, snack cakes, muffins, bagels, pre-packaged foods, tortillas, salted snacks and confectionery products, among others. Grupo Bimbo produces over 10’000 products and has one of the largest direct distribution networks in the world, with more than 2.4 million points of sale, more than 52’000 routes and more than 128’000 associates.
Addendum: Since 1963, Panrico is present in millions of homes, bars and cafeterias in Spain. The company is specialized in pastry products and sliced bread. Panrico, headquartered in Barcelona, Spain, has a distribution network of over 2’500 drivers covering 2’300 routes – according to a news release from September 2013. Every day they reach / reached over 120’000 points of sale. Since May 2012 Oaktree Capital controls 86 percent of Panrico as its current majority shareholder.