Sale of Grupo PANASA to Mercapital and Artá Capital
Altium advised the shareholders of Grupo PANASA, a leading Spanish manufacturer, distributor and retailer of fresh and frozen dough products, on the 100% sale of shares to a NewCo funded by private equity funds managed by Mercapital, Artá Capital and certain founding shareholding families of PANASA.
- Group PANASA, incorporated in 1968, manufactures, sells and distributes fresh and frozen bread, baked good and pastries through its network of 15 shops located in Spain, selling to over 16,000 customers including bakeries, hotels, restaurants, hypermarkets and other food shops.
- PANASA achieved sales of €240 million in 2009 and an EBITDA of over €45 million.
- PANASA has demonstrated a growth track record throughout its history, delivering superior quality products and value added services, achieving top of the market profitability, thanks to its innovation and investment policy and to the quality of its management team, consolidating the Company as a Spanish market leader.
- In order to continue consolidating its leadership, the shareholders of PANASA agreed to reinforce the shareholding structure with a financial partner, to support the Company’s strategic business plan, aiming to both consolidate its strategy in the industry and support organic growth through new product launches and geographic expansion.
- A group of investors led by funds managed by Mercapital and Artá Capital (Grupo Banca March) have agreed to acquire 100% of the shares in the Company. Mercapital and Artá will hold respectively a 53% and a 36% stake, whereas some of the founding families of PANASA have reinvested along with the private equity funds in the SPV, acquiring an 11% stake in the Company.
- Altium advised the Shareholders and the Board of Directors of PANASA throughout the entire process and on all aspects of the transaction, including the preparation of the Company’s business plan, the presentations to investors, the design and coordination of all process documents, the transaction structure, the coordination of over 120 PANASA shareholders through to transaction close and the re-investment in NewCo by some of the founding family shareholders.
- Altium’s executives have been closely advising PANASA and its chairman, José León Taberna, since 1997, including advising upon a shareholding restructuring process through the merger of Lázaro Taberna S.A. and Panaderías Navarras, S.A.
For further information on this transaction please contact Rafael Vilaplana, Fernando Gómez or Ramón Romero.
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