A slew of international private-equity groups including Permira, CVC, PAI Partners, Suala, Carlyle, Advent and Vestar, and Spanish rivals Vista Capital and Mercapital, have bidded over €600m (US$766.1m) for Spain’s biggest baker Panrico, according to local newspaper La Gaceta.
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Citing sources close to the transaction, the paper said Panrico adviser JP Morgan bank is to choose the best five offers in coming weeks. Permira is a strong candidate, the paper added.
Panrico makes quintessential Spanish doughnut brand ‘Donuts’ and the popular Bollycao chocolate pastry. It competes fiercely with Mexican-owned rival Bimbo. Barcelona-based Panrico delivered sales of €680m last year. It employs 6,000 workers and has 11 factories in Spain and abroad.
