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M&A

EUROPASTRY

Acquired by

MCH PRIVATE EQUITY

SPAIN Food Processing REV [100m EUR - 500m EUR] 05/2011

Target

EUROPASTRY

Acquirer

MCH PRIVATE EQUITY

Context

MCH Private Equity acquired 18% stake in Europastry in a transaction that allowed for the exit of the historical shareholder Vall Companys (which previously held 24%). Concurrently, the founding Gallés family increased their majority stake to 80%, reaffirming their long-term commitment. The deal was supported by a €200 million syndicated loan to restructure the company's debt and provide the "dry powder" necessary for its global buy-and-build strategy. This investment marked the beginning of a 15-year partnership that saw Europastry's revenue grow five-fold, transforming it from a national champion into one of the top five global players in the frozen bakery market.

Target

Europastry is a global leader in the frozen bakery dough sector. Its business model focuses on high-tech production and distribution of frozen bread, pastries, and snacks across three main channels: artisan bakery, retail, and foodservice. The company’s value proposition centers on "innovation-led tradition," utilizing 30 production facilities to serve over 80 countries. Strategically, Europastry is heavily invested in R&D, with over 22% of sales coming from products launched in the last three years. The group manages a complex international supply chain, with 56% of revenues generated outside Spain, notably in the United States. Its operations are increasingly focused on sustainability, aiming for carbon-neutral production lines and high renewable energy usage.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
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EBITDA
EBIT
2011
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2010
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Other operations with EUROPASTRY

DateAcquirerTargetCountrySectorTarget Description
03/2026ARESEUROPASTRYSPAIN
Food Processing

Europastry is a global leader in the frozen bakery dough sector. Its business model focuses on high-tech production and distribution of frozen bread, pastries, and snacks across three main channels: artisan bakery, retail, and foodservice. The company’s value proposition centers on "innovation-led tradition," utilizing 30 production facilities to serve over 80 countries. Strategically, Europastry is heavily invested in R&D, with over 22% of sales coming from products launched in the last three years. The group manages a complex international supply chain, with 56% of revenues generated outside Spain, notably in the United States. Its operations are increasingly focused on sustainability, aiming for carbon-neutral production lines and high renewable energy usage.