This is the first operation by new venture capital fund ICF Capital Expansió II, which was established last June with an investment capacity of €20M. The investment in the Catalan company, a specialist in the production of a wide variety of bakery products, aims to position Pastisart as one of the major players in the quality baking sector market, to increase production capacity and expand the product range through an acquisition.

The ICF Capital Expansió II fund has led a capital increase of 4.3 million euros for the Catalan company Pastisart, which specializes in the production of a wide variety of pastries. The investment has allowed the company to purchase a production unit owned by the SIRO Group in El Espinar (Segovia).

The acquisition allows Pastisart to achieve one of its strategic objectives: to consolidate its position as a major player in the quality baking sector in Spain with a significant international presence. The increase in production capacity and the new product range will allow it to maintain its commitment to quality, innovation and customer orientation.

The entry of the Institut Català de Finances in the shareholder structure, through a fund specializing in medium-sized companies, is valued positively by the current shareholders and managers of the company. According to Pastisart’s CEO, Nuria Betriu, «ICF’s entry enables the company to grow with confidence, brings knowledge and expertise to the project, strengthens its strategic plan for the years to come and enables us to continue to respond to the needs of customers and consumers».

Adrià Torrelles, Investment Manager of ICF Capital Expansió II, considers that “we are at a point when certain sub-sectors of the Catalan economy have the potential to consolidate their position. This consolidation allows Catalan companies to become more competitive, attract talent and make economies of scale.» «Pastisart has clearly appreciated this situation and its latest acquisition, with the incorporation of new shareholders and the strengthening of its equity, will allow it to make a very important qualitative and quantitative leap forward,» he concludes.

Pastisart was created in 1990 by the Nieto, Novell and Brugueras families to offer bakery products that combine craftsmanship with technology. The company, whose headquarters are in Terrassa and which now has production centres in Roda de Berà (Tarragona) and El Espinar (Segovia), has a staff of more than 400 and produces over 30,000 tonnes of products per year. In 2018, the company invoiced €42 million and, once the acquisition has been completed, hopes to close 2020 with turnover of approximately €73 million.

The acquisition of the production unit has been funded from the capital increase (which has also involved current company partners, the management team and other financial investors) combined with a bank loan.

About ICF Capital Expansió II

ICF Capital Expansion II (managed by ICF Capital) is a €50 million venture capital fund focusing on investment in profitable Catalan companies with turnover in excess of €10M which are involved in strategic organic (greater international presence, increased production) or inorganic (acquisition of companies) growth projects. Companies obtain equity through capital increases and/or convertible participating loans up to 5 million euros.

About Capital Expansió

Capital Expansion FCR, the predecessor to ICF Capital Expansion II FCRE, is currently in a divestment phase. In 2019, it formalized the divestment of two of its investees: Plásticos Compuestos SA and Adelte Group SL. It should be noted that the divestment operation involving Plásticos Compuestos SA was the first transaction to enter the alternative stock market using a combination of capital increase and sale of shares. The fund currently has 7 investments in its portfolio, including Cristales Curvados, Especialitats M Masdeu, BuildAir and Enertika.

Nuevos informes y series de datos: El Capital riesgo Informal en España 2019 /  Informe de Impacto Económico y Social del Capital Privado en las operaciones de Middle Market en España. 2018 (ASCRI) / Informe de Impacto Económico y Social de los préstamos otorgados por Enisa

Otros informes destacados: Madurez del Venture Capital en España. Hechos relevantes y detalle de más de 60 casos de éxito desde los años 90 hasta la actualidad… Also in english / Financiación de startups de Energía en España / El Préstamo Participativo como herramienta para el arranque de empresas en España / El tiempo de las desinversiones en Private Equity en España (Also in english)

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