Private equity targets Panrico

The sale of Panrico is beginning to take shape as the confectionary chain nominates Invercaixa and JP Morgan to coordinate the auction process. Panrico has been valued at approximately E700m with groups like Permira, Carlyle, Apax, Candover and Bridgepoint reportedly showing an interest in the company. Also trade buyers such as Agrolimen and Nutrexpa are reported to be studying the details of the sale. The company's shareholders include the Costafreda family (53%), La Caixa (30%), and Banco Sabadell (5%), while the Rivera family and other minority stakeholders hold the remaining interest. It is still unclear if the sale will be carried out via a large open auction, or whether a limited number of groups will be invited to bid for the company. The size of the business, which generated sales of E680m and EBITDA of E18.1m in 2004, makes it a strong candidate for a future IPO. The sale is expected to complete in the summer.

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