M&A Deal Summary

Apax and Oquendo Capital Acquire Panrico Donuts Canarias SA

On November 15, 2005, private equity firm Apax and mezzanine finance firm Oquendo Capital acquired food company Panrico Donuts Canarias SA for 900M USD

Acquisition Highlights
  • This is Apax’s 1st and Oquendo Capital’s 1st transaction in the Food sector.
  • This is Apax’s 26th and Oquendo Capital’s largest (disclosed) transaction.
  • This is Apax’s 3rd and Oquendo Capital’s 2nd transaction in Spain.
Investment Fate
  • Panrico Donuts Canarias SA was sold to management in 2010.

M&A Deal Summary

Date 2005-11-15
Target Panrico Donuts Canarias SA
Sector Food
Buyer(s) Apax
Oquendo Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 900M USD

Target

Panrico Donuts Canarias SA

Barcelona, Spain
Leading Spanish and Portuguese bakery company (branded pastries and sliced bread) with a portfolio of pre-eminent brands such as Donuts, Donettes, Panrico and Bollycao.

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Buyer(S) 2

Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 89 of 263
Sector (Food) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 31 of 62
Country (Spain) 3 of 7
Year (2005) 17 of 18
Size (of disclosed) 26 of 54
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-07 Solstas Lab Partners

Greensboro, North Carolina, United States

Solstas Lab Partners LLC (Fomerly Spectrum Laboratory Network) is a leading regional provider of clinical laboratory and disease screening services. The Company is headquartered in Greensboro, North Carolina, and covers the Southeastern U.S., providing hospital quality testing to over 10,000 physicians, 11 hospitals, nursing homes, home health, clinics, urgent care facilities, and other businesses and industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-8 Power Paper

Petah Tikva, Israel

A leading provider of micro-powered devices, and printable, thin, flexible and environment friendly batteries that can be used in multiple applications.

Buy -
Buyer

Oquendo Capital

Madrid, Spain

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 407M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Oquendo Capital is a Spanish mezzanine finance firm offering subordinated debt to help support leveraged buyouts, balance sheet restructurings, and company expansions. Oquendo looks to fund businesses with low cyclicality, recurring revenues, market leadership, experienced management, and low capital requirements. The Firm's target investment size is €5 to €10 million. Oquendo Capital was formed in 2007 and is based in Madrid.


DEAL STATS #
Overall 2 of 15
Sector (Food) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 2 of 7
Country (Spain) 2 of 15
Year (2005) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Mivisa Envases SAU

Murcia, Spain

Mivisa is a manufacturer of high quality metal packaging intended for the food canning industry. Mivisa today has 6 factories in Spain and 4 abroad. The goal of all them is to offer the best product to their customers, relying on the quality of its products, on development and innovation.

Sell €520M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 Gasmedi S.A.

Madrid, Spain

Gasmedi S.A. is an independent provider of Respiratory Home Therapies (RHT) and medical gases to hospitals in Spain.

Buy €275M