Grupo Bimbo S.A.B. de C.V. (“Grupo Bimbo”) (BMV: BIMBO) today announced a final agreement to acquire 100% of the shares of Panrico S.A.U. (“Panrico”), excluding the branded packaged bread category, for a cash price of €190 million.
With annual sales of approximately €280 million in 2014, Panrico is one of the leading producers in the baking industry in Spain and Portugal, and participates in the sweet baked goods and buns & rolls categories, along with the packaged bread category excluded from this transaction. The acquisition includes well-positioned brands such as Donuts®, Qé!®, Bollycao®, La Bella Easo® and Donettes®, among others.
Panrico employs more than 2,000 associates and operates nine production facilities. This transaction will further strengthen Grupo Bimbo’s profile in the region, throughout the capture of synergies, complementing its current product portfolio, distribution network and manufacturing facilities.
The transaction is conditional upon receipt of customary regulatory approvals and is expected to close during the fourth quarter of 2015.
Bank of America Merrill Lynch, J&A Garrigues, PwC, and Freshfields Bruckhaus Deringer participated as advisors in this transaction.