Apax Partners

Apax Partners’ Funds announce the successful completion of the acquisition of Panrico

Spain/UK: Funds advised by Apax Partners, today announced the successful closing of the acquisition of 100% of the share capital of Panrico, S.A. from the Costafreda Family, Caixa Holding, BancSabadell and other minority shareholders.

Panrico is the leading Spanish bakery company, with 2004 gross sales of €680.7m and a forecast growth for 2005 of 9%. Panrico owns a nationwide distribution network that daily serves its products, which include the “Donuts”, “Donettes”, “Bollycao” and “Panrico” brands, to its more than 130,000 points of sale.

Apax Partners will support the current management team and the current General Manager, Joan Cornudella, has been appointed as CEO of the company.  Albert Costafreda will remain on the Board of Directors as its President.

Nicolás Bonilla, Head of Apax Partners Spain, said: “We are delighted with the Panrico acquisition. We believe that its powerful brands, its capacity for innovation and its strong industrial presence across Spain offer significant growth prospects”.

Joan Cornudella, CEO of Panrico, said: “We are excited by Panrico’s growth plan, which will be fuelled by the support of the Funds advised by Apax Partners. The Panrico team, and its management in particular, are prepared to take the company into its challenging new phase of development”.

-ENDS-

About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups, operating across the United States, Europe and Asia. Apax Partners has raised or advised approximately $20 billion around the world. With more than 30 years of direct investing experience, Apax Partners’ Funds provide long-term equity financing to build and strengthen world-class companies. It pursues a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts.

Apax Partners’ Funds invest in companies across its global sectors of Tech & Telecoms, Retail and Consumer, Media, Healthcare and Financial & Business services. Some of Apax Partners’ Funds recent investments in Spain include Grupo Itevelesa, Vueling Airlines, Wisdom Entertainment and DMR Consulting. For additional information, visit the website www.apax.com

For further information, please contact:

Siobhan Loftus, Director of Marketing 
Tel: +44 (0)20 7872 6495   
Email: Siobhan.Loftus@apax.com  

Clare Fancourt, Press Officer
Tel: +44 (0)20 7872 6476
Email: Clare.Fancourt@apax.com