Spanish bakery group Europastry is selling an approximately 20% stake to CriteriaCaixa, the investment arm of the La Caixa Foundation.
The transaction, announced on 31 March, follows Europastry’s unsuccessful attempts to go public. The frozen bakery group remained reserved about the specific reasons for pulling the plan in October, saying only that it will “monitor the market environment”.
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In a statement, CriteriaCaixa said it has entered an “agreement in principle” for the stake acquisition, with its entry as a “major” shareholder of the bakery group to be executed through a “capital increase”.
The investment company added that the collaboration aims to “boost” Europastry’s growth, “accelerate its global expansion, and strengthen its commitment to innovation and productive excellence”.
The stake acquisition is anticipated to be formalised in the “next few weeks”.
Europastry is a family-owned business founded in 1987 by Pere Gallés.
The Barcelona-based business has been active in M&A, giving the company 27 production facilities supplying more than 80 different markets.
In 2024, Europastry posted sales of €1.50bn ($1.62bn), 12% higher than the previous year.
The company also reported a “record” investment of €124.4m last year, in research, development, and technology.
In the IPO filing in September, Europastry said it closed an acquisition in March for DeWi Back Holding, a German frozen bakery products business.
In August, the group said it acquired De Groot Edelgebak, a Dutch distributor of frozen breads and pastries.
Other deals have included the frozen bakery business of US-based Dawn Foods in 2022, while in 2019 Europastry invested in Spanish pizza business Casa Bona. The same year it took full ownership of foodservice bakery supplier Ingapan and in 2018 acquired Portuguese business Confeitaria Torres.
