Bimbo Group has announced that it has reached a definitive agreement to acquire Panrico, the Spain-based bakery business, for €190 million ($209 million).
The acquisition includes brands such as Donuts, Donettes, Bollycao, La Bella Easo, Eidetesa and Qe!, but excludes the packaged bread business, the company said.
Panrico had annual sales of approximately €280 million ($308 million) in 2014 and is one of the leading bakery producers in Spain and Portugal, active in segments including sweet baked goods, and buns and rolls, Bimbo said. This transaction will further strengthen Grupo Bimbo’s profile in the region, through the capture of synergies, complementing its current product portfolio, distribution network and manufacturing facilities, the firm added.
Bimbo is already established in Portugal and Spain through the Bimbo Iberia subsidiary, which sells more than 100 products in these markets. The subsidiary has nine plants and more than 2,000 employees.
Source: Grupo Bimbo / Hiper Super