Garrigues and Baker McKenzie advise on Bid-Guzmán deal

Garrigues acted for South African foods company Bid Corporation on its acquisition of a 90 per cent stake in Spanish fresh food distributor Guzmán Gastronomía & Cuttings.

Guzmán was acquired from private equity firm Miura, which instructed Baker McKenzie on the deal.

The transaction was valued at €80 million, according to Mergermarket.

The remaining 10 per cent stake has been retained by Guzmán management led by CEO Jordi Franch.

Specialising in fruit and vegetables, as well as salads, breads and sauces, Guzmán distributes to more than 4,000 customers from its depots in seven Spanish cities. Guzmán’s sales revenue stood at €34 million in 2011, but is predicted to reach €100 million in this financial year.