France-based private equity firm Ardian has agreed to acquire Spanish bakery companies Berlys and Bellsolà with an intention to combine the two businesses.
The financial terms of the deal were not disclosed by the parties.
Berlys and Bellsolà are engaged in production and distribution of bakery, bread, pastry products and savoury snacks.
Ardian believes that their combination will form a group with a strengthened commercial offering and a wider reach. It will become the majority stakeholder of the combined entity.
Combined, Berlys and Bellsolà will generate annual revenues of around €3300m with more than 1,700 staff.
The combined bakery company will have 11 production plants and a presence in 30 countries across Europe, Asia and America.
It will retain the existing product portfolio and brands of the two baking companies and maintain the same operating structure.
Ardian Spain managing director and Ardian France advisor Gonzalo Fernández-Albiñana said: “The priority for Ardian is to guarantee the continuity in the success that both projects had so far, and that the combination of both companies benefits their clients, thanks to better service, more innovation capacities, and a broader offer”.
Berlys will be acquired from Alantra and Artá Capital, which have been its controlling stakeholders from 2011.
Berlys chairman Julio Muñoz said: “After our continuous growth over the past few years both in terms of sales and profitability, the combination with Bellsolà will allow us to consolidate our position in the market thanks to an increased production capacity, the expansion of our commercial reach and the increase of our innovation potential.”
Post transaction, the combined entity will be headed by Bellsolà general manager Bosco Fonts who will be its CEO while Berlys chairman Julio Muñoz will be the chairman.
The transaction would need to be cleared by the Spanish National Commission on Markets and Competition (CNMV) apart from meeting other conditions. Following which, it is anticipated to be completed by the end of Q1 2018.
