French bakery and foodservice group Le Duff has strengthened its European presence with the acquisition of Spanish bread and pâtisserie specialist Panamar.
Announcing the deal, Le Duff — owner of bakery giant Bridor — described the transaction as the largest in its history. While financial terms were not disclosed, reports from Le Figaro suggest the price exceeded €1bn ($1.15bn).
Panamar, previously family-owned, produces a wide range of bread, Viennese pastries and pâtisserie products, supplying both retail and foodservice channels. The business exports to more than 20 countries and employs around 2,600 people. It is expected to generate revenues of approximately €600m this year.
The acquisition marks the latest step in Le Duff’s ongoing expansion strategy for Bridor. Since 2021, when Bridor reported turnover of €750m, the company has pursued rapid growth and is now targeting revenues of €2.5bn this year.
“Integrating Panamar enables Bridor to take another decisive step forward by becoming a global leader in bakery and Viennese pastry products and a major player in the Iberian peninsula,” said Bridor CEO Philippe Morin. The move builds on earlier regional expansion, including the acquisition of Portuguese bakery Panidor four years ago.
Panamar president Isabel Martinez said the agreement aligns with the company’s long-term ambitions. “This is fully in line with Panamar’s ambitions for the future,” she said. “We are embarking on this new chapter with confidence.”
Le Duff has continued to expand its footprint through targeted acquisitions and investment. Two years ago, Bridor acquired Dutch organic bakery Pandriks, followed by investment plans to develop that business alongside new bakery sites in France and Switzerland.
The group has also been investing heavily in its US operations. In the past year, Bridor has launched a new production line in New Jersey and progressed construction of additional facilities in Utah and Texas.
Looking ahead, the company has set an ambitious target to double its global turnover by 2031.
Further afield, Le Duff expanded into Australia last year with the acquisition of Laurent Bakery, underlining its strategy to build a globally integrated bakery platform.