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
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
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:
T: +44 20 7872 6300