Nazca acquires Taberna del Volapié and Europastry’s bakery business

Following completion of the deal, Foodbox will look to increase its number of outlets from around 100 to 350, via an acquisitive and franchising growth strategy.

A new management team has been brought in to implement the GP's plan, which will also feature bolt-on acquisitions and the development of new brands.

Capital for the transaction was drawn from Fondo Nazca III, which held a final close on €190m in May 2010.

The investment represents Nazca's third foray into the restaurants and bars sector, having made 53% IRR from the sale of tapas chain Lizarrán in 2007 and divested fast food chain Rodilla via a family buy-back in April 2005.

Company
Headquartered in Barcelona, Europastry's bakery business incorporates the Santagloria, El Molí Vell and L'Obrador brands. The company has around 50 outlets.

Taberna del Volapié was founded in 2008 and is headquartered in Marbella. The business consists of 40 tavern-style restaurants.

The GP anticipates the merged business will have revenues of around €35m with EBITDA of €3m prior to any additional acquisitions.

People
Carlos Pérez Tenorio is president of Foodbox and Augusto Méndez de Lugo is the company's CEO.

Advisers
Equity – DLA Piper (Legal), KPMG (Financial due diligence, tax).
Vendor – Méndez Padilla Abogados y Asociados (Legal); Arnau Asociados (Legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Spain
• Unq2015Apr