Europastry
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Leading Frozen Bakery & Spain-Based Europastry to File for IPO on Spanish Stock Exchanges with Target $1.6 Billion Valuation & to Raise $241 Million, Founded 37 Years Ago in 1987 by Pere Gallés

20th June 2024 | Hong Kong

Leading frozen bakery & Spain-based Europastry will be filing for an IPO on Spanish Stock Exchanges (Barcelona, Madrid, Bilbao and Valencia) with target $1.6 billion valuation (€1.5 billion), and to raise $241 million (€225 million) in the IPO.  Europastry was founded 37 years ago in 1987 by Pere Gallés.  Headquartered in Barcelona, it operates worldwide across more than 80 countries with 27 production centers. The Company is focused exclusively on frozen products, differentiating itself through innovation and an expanding international footprint.  Announcement (18/6/24): “Europastry S.A. (“Europastry” or the “Company”), a fast-growing specialist pioneer in premium quality frozen bakery products and a top-five player in the global frozen bakery market segment, with over €1.3bn of net turnover in 2023, today announces its intention to proceed with an initial public offering (the “IPO” or the “Offering”) of its ordinary shares (the “Shares”) to qualified investors. The Company intends to apply for admission of the Shares to listing (the “Admission”) on the Barcelona, Madrid, Bilbao and Valencia stock exchanges (collectively, the “Spanish Stock Exchanges”) for trading through the Automated Quotation System (Mercado Continuo). The Offering is expected to comprise a primary offering of newly issued Shares by the Company in an amount of approximately €225m and a secondary offering of existing Shares made by Exponent S.à r.l., controlled by MCH Continuation Fund, Gallés Office, S.L., owned by the Gallés family and which will remain as a controlling shareholder post-IPO, and Indinura, S.L., controlled by Europastry’s Chief Executive Officer, Jordi Morral (collectively, the “Selling Shareholders”). The Offering will be made to qualified investors, including a placement in the United States to qualified institutional buyers under Rule 144A.”

“ Leading Frozen Bakery & Spain-Based Europastry to File for IPO on Spanish Stock Exchanges with Target $1.6 Billion Valuation & to Raise $241 Million, Founded 37 Years Ago in 1987 by Pere Gallés “

 



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Jordi Gallés, Executive President and (through Gallés Office, S.L.) majority shareholder of the Company: “Europastry is at the next stage of its development, and this IPO is the natural way to fund and accelerate our growth strategy to foster our leadership position in the frozen bakery segment while deleveraging and maintaining a prudent capital structure. Through international expansion, continued product innovations and a value-accretive acquisitions strategy we want to cement our position as a leader in the global frozen bakery market and promote sustainability in the sector. We are excited about our future as a listed company.”

Europastry

Europastry, founded in 1987 by Pere Gallés, is a family-owned leading global player in the frozen bakery market. Headquartered in Barcelona, it operates worldwide across more than 80 countries with 27 production centers. The Company is focused exclusively on frozen products, differentiating itself through innovation and an expanding international footprint.

 

 

Leading Frozen Bakery & Spain-Based Europastry to File for IPO on Spanish Stock Exchanges with Target $1.6 Billion Valuation & to Raise $241 Million, Founded 37 Years Ago in 1987 by Pere Gallés

Europastry



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