Our Terms & Conditions | Our Privacy Policy
Europastry bread. Image credit: Europastry’s X social media channel
Europastry’s IPO is back on the table as the Spain-based frozen bakery business seeks to raise as much as €555m ($618.3m).
The IPO has been approved by the market regulator – Comisión Nacional del Mercado de Valores (CNMV) – with the book-building process starting today (27 September) ahead of a target listing date on 10 October.
Barcelona-headquartered Europastry, which put the share plan on hold in the summer due to “market volatility”, has priced the shares at an indicative range of €15.85 to €18.75.
A listing is planned on the Barcelona, Madrid, Bilbao and Valencia stock exchanges.
Europastry, which posted a turnover last year of €1.3bn, said it plans to use the funds raised to reduce debt and to “capture potential investments for inorganic growth opportunities, such as mergers and acquisitions”.
Founded in 1987 by Pere Gallés, the family-owned business has been active in M&A, giving the company 27 production facilities supplying more than 80 different markets.
Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
View profiles in store
Company Profile – free
sample
Your download email will arrive shortly
We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form
By GlobalData
Country *
UK
USA
Afghanistan
Åland Islands
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bonaire, Sint
Eustatius
and
Saba
Bosnia and Herzegovina
Botswana
Bouvet Island
Brazil
British Indian Ocean
Territory
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic
Chad
Chile
China
Christmas Island
Cocos Islands
Colombia
Comoros
Congo
Democratic Republic
of
the Congo
Cook Islands
Costa Rica
Côte d”Ivoire
Croatia
Cuba
Curaçao
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Falkland Islands
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
French Southern
Territories
Gabon
Gambia
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guinea-Bissau
Guyana
Haiti
Heard Island and
McDonald
Islands
Holy See
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iran
Iraq
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey
Jordan
Kazakhstan
Kenya
Kiribati
North Korea
South Korea
Kuwait
Kyrgyzstan
Lao
Latvia
Lebanon
Lesotho
Liberia
Libyan Arab Jamahiriya
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia,
The
Former
Yugoslav Republic of
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Micronesia
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Myanmar
Namibia
Nauru
Nepal
Netherlands
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Northern Mariana Islands
Norway
Oman
Pakistan
Palau
Palestinian Territory
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Pitcairn
Poland
Portugal
Puerto Rico
Qatar
Réunion
Romania
Russian Federation
Rwanda
Saint
Helena,
Ascension and Tristan da Cunha
Saint Kitts and Nevis
Saint Lucia
Saint Pierre and Miquelon
Saint Vincent and
The
Grenadines
Samoa
San Marino
Sao Tome and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovakia
Slovenia
Solomon Islands
Somalia
South Africa
South
Georgia
and The South
Sandwich Islands
Spain
Sri Lanka
Sudan
Suriname
Svalbard and Jan Mayen
Swaziland
Sweden
Switzerland
Syrian Arab Republic
Taiwan
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tokelau
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
US Minor Outlying Islands
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
British Virgin Islands
US Virgin Islands
Wallis and Futuna
Western Sahara
Yemen
Zambia
Zimbabwe
Kosovo
Industry *
Academia & Education
Aerospace, Defense &
Security
Agriculture
Asset Management
Automotive
Banking & Payments
Chemicals
Construction
Consumer
Foodservice
Government, trade bodies
and NGOs
Health & Fitness
Hospitals & Healthcare
HR, Staffing &
Recruitment
Insurance
Investment Banking
Legal Services
Management Consulting
Marketing & Advertising
Media & Publishing
Medical Devices
Mining
Oil & Gas
Packaging
Pharmaceuticals
Power & Utilities
Private Equity
Real Estate
Retail
Sport
Technology
Telecom
Transportation &
Logistics
Travel, Tourism &
Hospitality
Venture Capital
Tick here to opt out of curated industry news, reports, and event updates from Just Food.
Submit and
download
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
In the IPO filing, Europastry revealed it struck an acquisition in March for DeWi Back Holding, a Germany-based frozen bakery products business. More recently in August, it said it snapped up 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.
With a portfolio taking in bread, pizza, pies, pastries and sandwiches, turnover grew 20% in 2023 for the owner of brands such as Dots, Sophie and Panburger.
Retail accounted for 56% of Europastry’s turnover last year, while the out-of-home channel made up 32% and B2B customers the remainder.
Turnover so far this year, amounted to €714m at the end of June, while adjusted EBITDA stood at €114m. Europastry is targeting turnover growth of low-to-mid teens for the full year.
The IPO consists of both primary and secondary share offerings.
Europastry’s secondary tranche consists of shares owned by investment firms connected with the Gallés family, namely Exponent, owned by the MCH Continuation Fund under the umbrella of MCH Private Equity, based in Madrid.
Indinura, owned by Europastry CEO Jordi Morral, is also part of the secondary contingent, whereby the family will remain controlling shareholders post-IPO.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.