Europastry, a leading frozen bakery business based in Spain, is set to go public in order to fuel its international expansion and acquisition efforts. With a turnover of €1.35bn ($1.45bn), the company has applied for a listing on several stock exchanges in Spain. The IPO will include a primary issuance of shares totaling approximately €225m.
Investment firms linked to Europastry’s Gallés family shareholders, such as Exponent and Indinura, will also contribute to the secondary share offering. Post-IPO, the family will retain control of the company, in compliance with listing regulations requiring a minimum 25% free float.
Jordi Gallés, the majority shareholder and executive vice president, expressed the company’s vision stating, “Europastry is at the next stage of its development, and this IPO is the natural way to fund and accelerate our growth strategy to strengthen our leading position in the frozen bakery sector.”
Founded in 1987 and headquartered in Barcelona, Europastry has actively engaged in M&A activities, boasting 27 production facilities serving over 80 markets worldwide. In recent years, the company has made strategic acquisitions, such as the purchase of Dawn Foods’ European frozen bakery business, Casa Bona, and Ingapan.
In anticipation of the IPO, JPMorgan, UBS, and ING are acting as joint international bookrunners, alongside local managers such as Santander, CaixaBank, Bilbao Vizcaya Argentaria, and Rabobank.
With a diverse product portfolio that includes bread, pizza, pies, pastries, and sandwiches, Europastry saw a 20% growth in turnover in 2023. The company reported an adjusted EBITDA of €205m and a margin of 15.2%. Organic growth has averaged 8.5% over the past decade, with acquisitions contributing to a compound annual growth rate of 14.5% in turnover.
Europastry’s decision to go public marks a significant milestone in its growth journey, positioning the company for further global expansion and strategic acquisitions in the food and beverage industry.
