Ares Management has supported MCH Private Equity, a leading investment firm focused on Spain and Portugal, in the launch of a single-asset continuation vehicle for Europastry, a pioneer in premium frozen baked goods.
Structured as a continuation fund, the transaction will allow MCH to retain its stake in Europastry for a longer period, supporting the company’s next phase of global growth. The vehicle was led by Ares’ secondaries platform.
While financial terms have not been officially disclosed, market sources indicate that the vehicle size is approximately €300 million.
The transaction attracted a diversified group of investors, including the Asset Management Umbrella Fund, advised by the European Investment Fund (EIF), as well as existing investor Newbury Bridgepoint.
Ares’ capital solution is aimed at accelerating Europastry’s international expansion and strengthening its innovation capabilities, in response to growing global demand for premium bakery products.
The deal follows Europastry’s decision to withdraw its IPO twice in 2024, citing market volatility and weak investor demand. MCH Private Equity has been invested in the company since 2011.
Continuation vehicles are increasingly gaining traction in the private equity market, as investors seek liquidity while firms face a more challenging environment for traditional exits such as IPOs and trade sales.
Ares Secondaries Group invests across private equity, real estate, infrastructure and credit, and managed over $42 billion in assets as of the end of 2025.
Founded in 1987 by the Gallés family and headquartered in Barcelona, Europastry operates in more than 80 countries, with 30 production facilities and a portfolio of over 4,900 products. The company generated more than €1.6 billion in revenue last year
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