Le Duff Snaps Up Spanish Bakery Peer Panamar

Credit: Bridor/Panamar

Le Duff Group, nan French bakery and foodservice business, has swooped for Spain-based breadstuff and pâtisserie institution Panamar.

In a statement, Le Duff, nan proprietor of France-based bakery awesome Bridor, described nan woody arsenic nan largest successful its history. Financial position were not disclosed. Le Figaro said Le Duff paid much than €1bn ($1.15bn).

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Panamar, until now family-owned, makes bread, Viennese pastries and pâtisserie products for waste to unit and foodservice customers.

The company, which exports to much than 20 countries, employs 2,600 staff. It is forecast to make a turnover of €600m this year.

The move for Panamar is nan latest successful a bid of acquisitions by Le Duff for nan Bridor business. In 2021, Bridor’s turnover stood astatine €750m and it is targeting €2.5bn this year.

“Integrating Panamar enables Bridor to return different decisive measurement guardant by becoming a world leader successful bakery and Viennese pastry products and a awesome subordinate successful nan Iberian peninsula,” Bridor CEO Philippe Morin said. Four years ago, Bridor snapped up Portuguese bakery business Panidor.

Panamar president Isabel Martinez said nan waste “is afloat successful statement pinch Panamar’s ambitions for nan future”. She added: “We are embarking connected this caller section pinch confidence.”

Bridor’s astir caller acquisition successful Europe came 2 years agone pinch a woody for Dutch integrated baker Pandriks. Last year, nan institution group retired plans for finance astatine Pandriks, arsenic good arsenic for caller bakeries successful France and Switzerland.

The group has besides been spending connected its accumulation web successful nan US. Last year, Bridor opened a caller statement astatine its tract successful New Jersey. The institution has besides been building a caller mill successful Utah and different successful Texas. It wants to double its worldwide turnover by 2031.

In March past year, nan group besides acquired Australia-based Laurent Bakery.