Europastry sells its retail division to the Nazca venture capital fund
The decision is in answer to the company's strategy of focussing on its core business: the production of high quality frozen dough for bread and pastries.
The Catalan multinational, Europastry, has sold its retail division - comprising the brands L'Obrador, SantaGloria and Molí Vell - to the Nazca venture capital fund. The operation responds to the company's strategy of focussing on its core business - the production of high quality frozen dough for bread and pastries - and to strengthen its internationalisation.
Europastry has 10 production centres in Spain and Portugal, and closed 2014 with a turnover of 429 million Euros, which represents an increase of just over 7% on the previous year's sales. The company currently has a presence in 40 markets.
Internationalisation and R+D. The Catalan multinational's foundations for growth are in internationalisation and an investment in R+D. Last year it entered Turkey together with UNO, to establish a factory in Istanbul. It also entered the American market with the acquisition of 24% of the multinational company Wenner Bread. The alliance of the two companies includes the construction of a new production centre in New Jersey, which will open this year.
Retail division. Europastry's retail network consists of 42 of its own establishments plus new franchises of the brands L'Obrador, SantaGloria and Molí Vell. Together they turn over 15 million Euros and employ a workforce of around 270 people. "The growth of the retail division in certain cases places us in competition against our own clients - a situation that we want to avoid at all costs" explains Jordi Galles, President of Europastry.