Apax agrees to acquire Panrico for

Apax Partners has reached an agreement to acquire the confectionary chain Panrico for E900m, according to Spanish press reports. Apax won the auction, beating Permira and Mercapital in the final stages. The Costafreda family holds approximately 60% of Panrico, along with La Caixa (30%), Banc Sabadell (5%) and some minority shareholders. It is believed that all shareholders have agreed to sell their stakes, although the Costafreda family will maintain a minority interest in the company, with Albert Costafreda, president of Panrico, continuing to manage the firm. The sale is expected to be signed officially in the next few weeks and more information will be available in the next edition.

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• Southern Europe