Vicky Foods, a leading company in the food sector, has reached an agreement with Adam Foods for the acquisition of the iconic bakery brand Panrico. The transaction, covering both the Spanish and Portuguese markets, includes not only the brand but also its key industrial asset: its production facility in Gulpilhares, Portugal. This site, spanning more than 50,000 m², features three production lines specialized in sliced bread and an annual capacity of 21,000 tonnes.
KPMG’s Corporate Finance (Deal Advisory) team acted as financial M&A advisor to Adam Foods in the transaction.
Bread, the core of the business
In recent years, the bread category has become Vicky Foods’ leading business line in terms of sales volume, surpassing pastries since 2022. The integration of Panrico, which generated revenues of over €23.8 million across both markets in the last financial year, reinforces this trend and adds further production capacity in a key category, particularly in the sliced bread segment, where the brand enjoys strong consumer recognition.
As a result, the acquisition consolidates the company’s leadership in the category that gave rise to its activity and which remains at the core of its growth.
International expansion, the main growth driver
This transaction is part of Vicky Foods’ international expansion strategy and represents a significant step in strengthening its industrial footprint across the Iberian Peninsula. The addition of the Gulpilhares plant consolidates its presence in the Portuguese market, enhances its operational capacity in the region, and expands its growth potential in key European markets.
With a presence in more than 50 countries and production facilities in Spain, France, and Algeria, the company continues to build a strong and diversified industrial and commercial network aimed at ensuring sustainable, competitive, and long-term growth.
Brand building as a long-term value driver
The integration of Panrico into the group reinforces Vicky Foods’ commitment to developing brands with strong value, recognition, and emotional connection with consumers. It joins a well-established portfolio that includes brands such as Dulcesol®, the market leader in Spain in bread, cakes, pastries, and ice cream; Be Plus®, focused on healthy and convenience food; Hermanos Juan®, offering frozen bakery and bread products for foodservice and retail; Il Forno di Giovanni Ricci®, featuring Italian recipes; and FIT’z®, the frozen ready meals brand.
Rafael Juan, CEO of Vicky Foods, stated: “The incorporation of Panrico strengthens our identity as a company with bakery origins. We are committed to growing the bread category, strengthening our brands, and continuing to advance our international expansion with a solid, long-term industrial vision.”
José Manuel Faria, General Manager of the biscuits division at Adam Foods, added: “This transaction reflects our intention to find a partner that ensures the long-term continuity of Panrico’s industrial activity and employment, and it forms part of the group’s international expansion strategy focused on the biscuits category, initiated with the acquisition of Dr. Gerard in Poland and reinforced through further transactions, such as the recent addition of the Biscoland plant in Casablanca.”
Vicky Foods, a family-owned food company with more than 70 years of history, began its journey in the 1950s as a bakery supplying its local community. Today, it has established itself as a leading international group in the food industry, reaching a record turnover of €707 million in 2024. The company currently operates in more than 50 countries and has four production facilities: in Villalonga and Gandía (Spain), Algeria, and France, where it inaugurated its first production plant in Fragnes-La Loyère last November. With state-of-the-art infrastructure and more than 23,500 m² of surface area, this new facility further strengthens its international expansion. The company continues to focus on innovation, sustainability, and expansion as its strategic pillars, consolidating its leadership position in the sector.
About Vicky Foods
Vicky Foods is a leading company in the food sector, 100% family-owned, with more than 70 years of experience. It currently employs over 4,000 people. Its brands include Dulcesol®, Hermanos Juan®, Be Plus®, Il Forno di Giovanni Ricci®, and FIT’z®.
In recent years, the group’s evolution has been marked by consolidation and strong economic growth. It is the leading company in Spain’s bakery and pastry sector by volume, having closed 2024 with total revenues of €707 million. This figure represents a significant increase compared to the previous year, with production reaching 237,472 tonnes.
With a presence in more than 50 countries, Vicky Foods operates four production centers dedicated to manufacturing nearly 2,500 product references in Gandía, Villalonga, Algeria, and France, as well as 24 commercial offices across Spain, Portugal, Algeria, the United Kingdom, and France. The company also owns an egg production farm, supplying 90% of its needs; a packaging plant covering approximately 98% of its packaging requirements; an Innovation Center to coordinate its innovation capabilities and meet its commitments in health and technological development; and the Vicky Foods Foundation, which structures its social initiatives with a focus on innovation, culture, and education
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