Europastry heads towards IPO after growing 20%

The frozen dough company Europastry, owned by the Gallés family, improves its results while finalizing its IPO this summer.

Oliver Thansan
Oliver Thansan
02 April 2024 Tuesday 16:26
16 Reads
Europastry heads towards IPO after growing 20%

The frozen dough company Europastry, owned by the Gallés family, improves its results while finalizing its IPO this summer. The company closed the 2023 financial year with sales of 1,350 million euros, 20% more than the previous year. Likewise, Ebitda reached 205 million euros.

Founded 37 years ago by Pere Gallés and specialized in the production of pre-baked breads and frozen pastries, it began a new strategic plan in 2017 that has led it to increase its turnover by 90% in these years, apart from the parenthesis of the pandemic. .

Under the presidency of Jordi Gallés, it has promoted its international expansion, which has caused it to expand both its production capacity and grow through acquisitions. This roadmap includes the IPO plans, which it has resumed after two other previous attempts. The company is preparing its move onto the stock market for this summer, according to market sources, who estimate its valuation at more than 2.5 billion euros. The jump to the stock market would contemplate the combination of an IPO (Public Sale Offer) to release capital to MCH with a capital increase (Public Subscription Offer). The founding family would maintain the majority of the shares, market sources explain.

In the organic growth chapter, it invested 64 million euros in 2023 in new productive capacity, which has reached 355 million euros of investment in the last five years.

Regarding acquisitions, the integration of Dawn Foods' frozen products manufacturing has just been completed, which positions it "as the largest supplier of Dots, Cookies and Muffins in the European market," it explains in a statement. Likewise, in March, the company reached an agreement to acquire Dewi Back, one of the largest distributors of frozen dough in Germany for the foodservice channel. The company has annual sales of more than 110 million euros and more than 5,000 clients in this country, in addition to having important logistics platforms in Berlin, Hamburg, Frankfurt and Rostock.