Grupo Bimbo has reached an agreement to acquire Romania’s largest bakery firm Vel Pitar, thus adding a new market to its portfolio, according to a report in Profit.ro.
The manufacturer was purchased from Broadhurst Investments, an investment fund controlled by NCH Capital, in a deal reportedly worth around €200 million.
In 2021 (the last year for which financials are available), Vel Pitar reportedly had a turnover of 586.2 million RON ($129 million) and a net profit of 68.5 million RON (€15.1 million), with a workforce of over 1,900 staff. The company is described as having been formed by Broadhurst Investments following the merger of two separate companies and their respective production facilities.
The firm makes branded bread, rolls, doughnuts, and pretzels sold in retail outlets, operating a total of 11 production plants in nine cities.
Source: FMCG & Horeca / Profit.ro