Frozen bakery producer
Type of transaction
Buy-out
Invested capital
45 M€
Investment date
2011
Exit date
2018
Leading player in the Spanish frozen bakery market
Unique commercial network through which distributes a wide portfolio of products with an unmatched service to bakeries, cake shops, food stores, hotels, fast food, franchises and restaurants. It has 26 commercial offices and more than c.220 stores.
Solid industrial structure based on state-of-the-art manufacturing facilities.
Investment thesis
Resilient market with further growth potential from increasing penetration of frozen products
High entry barriers due to significant capex requirements
Solid market position due to unique commercial network, well invested facilities and large product portfolio
Leading industry margins with strong cash generation
Value added
Professionalization
- Changing founding family owned culture to a results driven organization
Organization
- Top management (CEO, CFO) and middle management reinforced
- New hires for the commercial department and sales channel to push sales growth
Optimization
- Significant cost reduction (over €5m)
- Deleveraging by means of capex and working capital optimization and non-core assets disposals
