Baker Tilly has advised Vicky Foods on a corporate transaction through which the Juan Brothers’ holding company has acquired control of the Portuguese company Nutpor Breads and the Panrico brand for Spain, Portugal, and Andorra.
The transaction aims to strengthen Vicky Foods’ presence in the bakery category in Portugal, while also driving the company’s growth in Spain through the historic Panrico brand.
Vicky Foods is one of the leading food industry groups in Spain, specializing in the production and commercialization of bakery, pastry, and food products. Founded in 1952 in Villalonga (Valencia), the company has evolved from a local family business into an international group with a presence in more than 50 countries.
The group boasts a broad portfolio of well-known brands, including Dulcesol, and operates under a strategy focused on innovation, quality, and international expansion. With several production facilities across Europe and a growing footprint in international markets, Vicky Foods has established itself as a key player in the food industry.
In recent years, the company has strengthened its growth strategy through industrial investments and strategic acquisitions aimed at expanding production capacity, diversifying its portfolio, and reinforcing its presence in new markets.
Target: Panrico
Nutpor Breads is a Portuguese bakery company engaged in the production, processing, and commercialization of bread and related products. The company employs approximately 100 to 250 people and generates estimated revenues between €10 million and €50 million, placing it within the mid-sized segment of the Portuguese food industry. It is also a market leader in Portugal operating under the Panrico brand.
The Panrico brand currently generates approximately €23.8 million in revenue across Spain and Portugal.
In terms of market presence, Panrico holds a well-established position in the Iberian Peninsula, particularly in the sliced bread and industrial bakery segments. Its production activity is supported by its plant in Gulpilhares (Portugal), a key asset for its industrial capacity.
The brand enjoys strong historical recognition among consumers in both Spain and Portugal, making it a valuable asset within the industrial bakery sector. This combination of production capacity, brand positioning, and Iberian market presence reinforces its strategic value within the food industry.
Our Transaction Advisory
At Baker Tilly, we supported Vicky Foods in the analysis of the transaction and provided strategic guidance throughout the process, helping to structure a deal aligned with the group’s growth and business continuity objectives.
The Baker Tilly Spain team, led by Daniel Bach and Mario Moltó, conducted financial, commercial, and environmental due diligence, while coordinating with specialized legal advisors in both Portugal and Spain to identify, assess, and mitigate potential transaction risks.
This transaction reflects the dynamism of the food and specialized retail sectors, as well as the confidence placed in the brand by an industrial group such as Vicky Foods.
Our Global Experience
At Baker Tilly, we have a dedicated M&A advisory practice, supporting family businesses, investors, and companies in buy-and-build strategies, divestments, growth, and restructuring processes.
We are part of a global network of independent professional services firms, with a presence in more than 140 territories, over 43,000 professionals, and around 650 offices worldwide.
Our service offering includes advisory, consulting, audit, tax and legal services, accounting, payroll, and business support services for both SMEs and multinational groups
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