Nazca acquires the SANTAGLORIA bakeries and the TABERNA DEL VOLAPIÉ chain
Nazca Capital has reached an agreement for acquisition, through Nazca Fund III, of the chain of bakery-cafés under the brands SANTAGLORIA, El Molí Vell and L’Obrador from Europastry, leader in the production of frozen doughs in Spain, and the chain of TABERNA DEL VOLAPIÉ from its founders. The transaction includes the acquisition of around 100 establishments.
The recovery in consumption, the increased market share of organised restaurants compared with independent restaurants, and the opportunities for consolidation in a very fragmented market represent a good business opportunity in a sector in which there are continuously new concepts with the potential for growth. In this market, the segments of bars and bakeries with sampling (“Coffee & Bakery Shops”), make up the largest number of openings in the organised restaurant sector.
SANTAGLORIA is one of the leaders of the bakery-café segment, currently with over 50 shops, some under the brands of El Molí Vell and L’Obrador. Since the launch of the franchise model at the end of 2013, SANTAGLORIA has undergone strong acceleration in the pace of openings.
TABERNA DEL VOLAPIÉ, chain of “gastro-bars” created in 2008, which has accelerated the growth of its network of franchises with 12 openings in the last 12 months, with a current total of 40 bars throughout the Spanish territory.
The management team, made up of Carlos Pérez Tenorio (President), Augusto Méndez de Lugo (Managing Director) and Raimundo Jiménez Alba (Financial Manager) is the project developer and Nazca’s partner on the platform created for the acquisition named FoodBox, with the objective of becoming a leading multi-brand restaurant group in Spain. The team has extensive experience in growth projects in Spain such as with 100 Montaditos, La Sureña, TGB and Burger King.
The FoodBox business plan involves the creation of a new central structure which has incorporated 16 professionals with proven experience in the restaurant and franchise sector, an expansion plan with own establishments and franchises with the objective of exceeding 350 establishments in a period of 5 years, and the incorporation of new brands on the platform.
FoodBox forecasts ending the 2015 financial year with sales from its own establishments and franchises of over €35m and EBITDA of around €3m. The additional acquisition of one of the brands is currently being negotiated, which would significantly increase these figures.