Europastry raises €300M to fund US push via Highland Baking buy
What's the deal? Barcelona-based EuropastryDealroom has a profile for this one. Try Dealroom → has raised €300 million in a capital increase led by MCH Private EquityDealroom has a profile for this one. Try Dealroom →, with state-owned COFIDESDealroom has a profile for this one. Try Dealroom → contributing €49.6 million through its Fund for Foreign Investment (FIEX). The frozen-bakery group will use the money to fund its expansion in the United States.
What's the endgame? Europastry has used the round to acquire 100% of Highland Baking, a US specialist in frozen bakery. The deal consolidates its position in the US — a market it calls a priority — and strengthens its lead in high-value segments, particularly the hotel, restaurant, and catering (HoReCa) channel.
Who's behind it? MCH Private Equity led the round. COFIDES, a state-owned company that manages public funds to support the internationalisation of the Spanish economy, invested via the FIEX vehicle. Its shareholders include the Spanish state alongside Banco Santander, BBVADealroom has a profile for this one. Try Dealroom →, Banco SabadellDealroom has a profile for this one. Try Dealroom →, and CAF.
About the company: Founded in 1987, Europastry makes and sells frozen bakery and pastry products. It employs around 6,500 people on average, sells in more than 90 countries, and carries a catalogue of over 4,900 products. The group is a leader in Spain and one of Europe's biggest players in the sector.
The signal: At €300 million, this ranks among the largest late-stage venture deals in Spain's food sector, sitting in the top 1% of 104 comparable rounds over the past four years. With backing that pairs a private equity lead and state-backed capital, the round shows how Spanish food groups are leaning on both to finance cross-border acquisitions in the US.
Read more: webcapitalriesgo.com
Image credit: David Long
