Barcelona-based frozen bakery goods company Europastry has postponed its initial public offering (IPO) on the Spanish domestic market, citing 'unfavourable market conditions and increased volatility' against the backdrop of elections in Europe.
The company added in a statement that it will 'actively monitor market conditions to identify the best window to achieve a successful IPO for all investors and stakeholders'.
In June of this year, the family-owned company announced plans to pursue an IPO on the Spanish domestic market, aiming to list its shares on the Barcelona, Bilbao, Madrid and Valencia stock exchanges.
The IPO announced includes a primary offering of new shares valued at approximately €225 million ($240.89 million) and a secondary offering of existing shares from its main shareholders, the company said.
Europastry
Founded in 1987, Europastry operates in the frozen bakery dough sector in more than 80 countries and runs 27 plants in the US and Europe. The company reported sales of €325 million and an adjusted EBITDA of €47 million for the first quarter of 2024.
It is one of the leading suppliers of frozen bakery products in Spain, with a 27% market share in the country. It also claims to be among the top five players in the global frozen bakery market segment.
Vandemoortele
Elsewhere, Belgian family-owned food group Vandemoortele has acquired Dolciaria Acquaviva, an Italian producer of frozen pastries, patisserie, and savoury specialties.
The acquisition, from private equity firms Apheon and the Acquaviva family, strengthens Vandemoortele's position in Italy's frozen bakery market, including bread, savoury specialties, pastries, and patisserie.
News by Reuters, additional reporting by ESM.
