Europastry sells 20% stake to La Caixa Foundation’s CriteriaCaixa
The stake sale transaction comes after Europastry failed to go public last year.
SPAIN – Spanish bakery group Europastry has announced the sale of approximately 20% of its stake to CriteriaCaixa, the investment arm of the La Caixa Foundation.
This transaction, revealed on March 31, follows Europastry’s unsuccessful plans to go public last year. Europastry remained cautious about the reasons for withdrawing its IPO plan in October, stating it would continue to monitor market conditions.
In a statement, CriteriaCaixa confirmed that it has reached an agreement in principle for the acquisition, which will be finalized through a capital increase that will establish CriteriaCaixa as a major shareholder in the bakery group.
The collaboration aims to enhance Europastry’s growth, accelerate its global expansion, and reinforce its commitment to innovation and operational excellence. The formalization of the stake acquisition is expected to occur in the coming weeks.
Founded in 1987 by Pere Gallés, Europastry is a family-owned business based in Barcelona. The company has been active in mergers and acquisitions, currently operating 27 production facilities that serve more than 80 markets.
In 2024, Europastry reported sales of €1.50 billion (US$1.62 billion), a 12% increase from the previous year. The company also achieved a record investment of €124.4 million (US$136M) in research, development, and technology in the same year.
In its IPO filing in September, Europastry disclosed its acquisition of DeWi Back Holding, a German frozen bakery products business, which occurred in March.
Additionally, in August, the group announced the acquisition of De Groot Edelgebak, a Dutch distributor of frozen breads and pastries.
Other acquisitions include the frozen bakery business of US-based Dawn Foods in 2022 and the Spanish pizza business Casa Bona in 2019.
Still in 2019, Europastry took full ownership of food service bakery supplier Ingapan and acquired the Portuguese company Confeitaria Torres in 2018.
CriteriaCaixa manages the shareholdings of the “la Caixa” Foundation in both listed and non-listed companies. The entity focuses on long-term investments and seeks to maximize value for the foundation’s social and cultural projects.
It holds significant shares in major companies across various sectors, such as banking, infrastructure, and energy, and invests in private companies with a long-term perspective to promote growth and stability.
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