Grupo Bimbo has recently acquired Karamolegos Bakery Romania, marking yet another strategic move by the acquisition-driven Mexican bakery group.
This transaction, consistent with Grupo Bimbo’s typical approach, was disclosed briefly in the company’s latest financial results statement, omitting any detailed information.
Karamolegos Bakery Romania, located in Ilfov, Bucharest, specializes in a variety of packaged breads for the retail market. According to its website, the company is part of Karamolegos Bakery KB, which was established in Santorini, Greece, in 1950.
The Romanian subsidiary commenced operations in 2009.
As of now, Grupo Bimbo has not responded to requests for additional details regarding the nature of the deal and the transaction’s financial terms.
Last year, Grupo Bimbo expanded its footprint in Romania by acquiring six bakeries. However, Ionut Ilie, the company’s managing director in Romania, declined to provide further specifics.
Reportedly, the agreement involved local entrepreneur Siminel Andrei’s family and was valued at approximately $100 million, according to unnamed sources cited by the publication Ziarul Finaciar.
Grupo Bimbo first entered the Romanian market in early 2023 with the acquisition of Vel Pitar, a bakery located in Râmnicu Vâlcea, from New York-based private-equity firm NCH Capital.
In its first-quarter results, Grupo Bimbo reported a 10.8% increase in net sales, totaling 103.73 billion pesos ($5.2 billion), although net income declined by 26.6% to 1.77 billion pesos.
Adjusted EBITDA rose by 8% to 12.82 billion pesos, while operating income decreased by 1.8% to 6.75 billion pesos.
In North America, the company noted a challenging consumer environment, where it operates through Bimbo Bakeries USA.
Recent results from other food manufacturers with substantial operations in the United States have highlighted ongoing macroeconomic uncertainties, including tariffs, diminishing consumer confidence, and inflationary pressures.
In the Europe, Middle East, and Africa (EEA) region, where Grupo Bimbo accounts for its Romanian operations, sales surged by 22.3%, reaching 12.05 billion pesos.
Before acquiring Karamolegos Bakery Romania, Grupo Bimbo’s most recent M&A transaction was the acquisition of the Slovenian bakery business Don Don late last year, expanding its operations to 39 countries.
Moreover, Grupo Bimbo made an acquisition in Brazil in September, targeting the bakery group Wickbold. Earlier in the year, it purchased Spain-based gluten-free bakery company Amarittamn, adding to its October 2023 acquisition of Mile Hi Bakery in Colorado, USA. Additionally, in summer 2023, it also took an undisclosed stake in the Netherlands-based bread startup Zero Carb Company.
