Apax Partners’ Funds to acquire Grupo Panrico

Apax Partners’ Funds to acquire Grupo Panrico

4 August 2005

Barcelona, Spain, 4 August 2005: Funds advised by Apax Partners today announced an agreement to acquire a majority shareholding in Panrico, S.A. from the Costafreda Family, La Caixa and other minority shareholders.

Grupo Panrico, one of the most prominent Spanish food groups, is the leading Iberian bakery company. Founded in 1961, Panrico focuses on the value added branded pastries and sliced bread categories, where it operates under pre-eminent brands such as "Donuts", "Panrico", "Bollycao" and "Donettes".

Nicolás Bonilla, head of Apax Partners Spain, said: "Panrico is a leader in each of its business segments, both in Spain and Portugal. Panrico's unparalleled product mix, highly diversified customer base and unique distribution network offer significant growth prospects. Apax has every confidence in the current management team, who will continue leading the company. Panrico is our Funds' fifth investment in Spain in the last two years, and demonstrates our commitment with the Spanish private equity market".

Albert Costafreda, who will continue to be Chairman of the Group, said: "We are delighted with today's announcement. Apax Partners' Funds' investment will be a milestone in the history of Panrico and will help us to achieve the ambitious goals we have set for the future".

The transaction is expected to close in November 2005.

Goldman Sachs acted as the financial advisor to the acquiror and JP Morgan and Invercaixa advised the vendors.

The transaction has been partially financed with a syndicated loan underwritten by Goldman Sachs, ING, Caja Madrid, Royal Bank of Scotland and La Caixa.


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 6 chosen global sectors of telecommunications, IT, 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:

Ben Harding
T: +44 20 7872 6300
E: ben.harding@apax.com

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