Barcelona-based frozen bakery producer Europastry plans to carry out its planned initial public offering (IPO) in the autumn, probably in October, newspaper Expansión has reported, citing unidentified sources.
In June, the company said it would suspend a planned float of at least 25% of its shares on the Madrid stock market after political instability in France rocked European equity markets.
The company had planned a primary offering of new shares valued at approximately €225 million and a secondary offering of existing shares from its main shareholders.
IPO Planned For October?
Europastry now expects to carry out the IPO during the autumn, "probably" in October, Expansión said.
A Europastry spokesperson did not immediately respond to a request for comment.
The Spanish company reported a net turnover of more than €1.3 billion in 2023. Founded in 1987, Europastry is controlled by the Galles family.
It operates in the frozen bakery dough sector in more than 80 countries and runs 27 plants in America and Europe.
De Groot Edelgebak Acquisition
In August, Europastry acquired the Dutch company De Groot Edelgebak as part of its ongoing expansion across Europe. This acquisition is projected to increase the company's revenue by €16.5 million, pushing its total earnings above €1 billion.
De Groot Edelgebak serves 2,000 customers in the bread, pastry, and cake markets, aiming for a turnover of €16.5 million in 2024.
This marks Europastry's fourth acquisition within two years, with one of the key purchases being a 94.7% stake in the German company DeWiBack, a business known for its frozen doughs for the hospitality and catering sectors.
Additional reporting by ESM
