Bird & Bird and Garrigues on the Panamar Bakery acquisition
Bridor, part of Groupe Le Duff, has acquired Panamar Bakery, a Spanish manufacturer and distributor of bakery and pastry products. Bird & Bird advised Bridor on the transaction, while Garrigues advised Panamar Bakery.
Panamar Bakery operates an integrated production and distribution network, exporting more than 1,200 product references to over 20 countries under several brands. The acquisition enables Bridor to expand its industrial and logistics footprint, including in the Iberian market.
The transaction is reported to be valued at over €1 billion, making it the largest acquisition in Groupe Le Duff’s history. Panamar Bakery, headquartered in Puçol (Valencia), is a key supplier to Mercadona and is expected to generate approximately €600 million in revenue this year.
Bridor, which supplies frozen bakery and pastry products to around 90,000 restaurants, hotels and retail professionals worldwide, is projected to reach €2.5 billion in revenue this year.
The acquisition also supports Groupe Le Duff’s broader growth strategy, following previous acquisitions including Panidor (Portugal), Pandriks (the Netherlands) and Laurent Bakery (Australia). The group aims to double its business volume by 2031.
Commenting on the transaction, Isabel Martínez, president of Panamar Bakery Group, stated that the deal marks “a new chapter built on shared entrepreneurial spirit and family values.” Philippe Morin, CEO of Bridor, added that the integration of Panamar represents “a decisive new step” in becoming a leading global bakery player.
The transaction forms part of Groupe Le Duff’s activity across its food and restaurant businesses, with international operations in multiple markets.
Advisors
Bird & Bird advised Bridor with a team led by Carole Bodin and Lourdes Ayala, together with Antonio Ballesteros Matilla and Céline Sol.
Bridor was also advised by EY on tax and structuring, PwC on transaction services, Linklaters on regulatory matters and Gibson Dunn on financing.
Panamar Bakery was advised by Garrigues, with a team including José Manuel Martín García, Alberto Guerra and Ana Barandiarán. KPMG advised on transaction services and tax, while Houlihan Lokey acted as financial advisor.
