Apax Partners’ Funds announce the successful completion of the acquisition of Panrico
15 November 2005
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
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".
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:
T: +44 20 7872 6300