Mexico-based baking company Bimbo Group has announced a preliminary agreement to acquire Panrico in Spain and Portugal.
The transaction includes 100% of the shares, but excludes the branded packaged bread category. No financial details were released about the operation. The transaction is conditional upon the result of due diligence, signing a final acquisition agreement, and regulatory approval.
Panrico is a leading company on the Iberian bakery market, where it has nine plants and over 128,000 points of sale. Its flagship brands include La Bella Easo, Donuts and Bollycao.
Bimbo Group is already present in Spain and Portugal through its subsidiary Bimbo Iberia, which locally distributes over 100 brands such as Bimbo, Silueta, Ortiz, Martinez, Eagle, Thins, Oroweat and Thomas.
The merged company will have 15 factories, of which 15 in Spain and three in Portugal, as well as 4,000 employees.
Bimbo Group is one of the leading baking companies, with 166 plants and approximately 1,600 sales centers in 22 countries throughout the Americas, Europe and Asia.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic
