HIG buys Café & Té and Panaria

Antonio Pérez, founder and CEO of Panaria, will retain a minority stake in the business. He becomes CEO of the larger entity, with Gustavo Ron, founder of Café & Té, as director.

The new group will have a network of more than 247 stores across Iberia, around half of which will be run as franchises.

HIG plans to grow the group through organic and acquisitive strategies. The GP opened a Madrid office in early 2012.

Previous funding
3i acquired a 47% stake in Café & Té in 2006 for a reported €15m. Alejo Vidal-Quadras, director of Spanish operations at 3i, sat on the company's board. The GP was reported to have put the asset up for sale in 2012.

Company
Founded in 1973, Café & Té is a Spanish coffee house chain. The company has a network of 147 stores, 101 of which are owned with the remaining stores run as franchises. The business sells coffee, tea, ice cream, juices, paninis, pancakes, shakes, pastries, burgers, salads and other items.

Panaria was founded in Valencia in 2010 and has a network of more than 60 stores. The business employs more than 300 staff and sells bread, sandwiches and other bakery products. Panaria also offers lunch and catering services.

People
Jaime Bergel is managing director at HIG Europe.

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• Topics
• Southern Europe
• Consumer
• Buyouts
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• HIG Europe
• Spain