Panrico SLU: Buyout firms bid for Spanish baker

Barcelona / ES. (div) Some weeks ago it emerged that UK buyout company Apax Partners was likely to lose its investment in Spanish doughnut manufacturer Panrico SLU, which a source close to the situation said – to several news agencies – had suffered as a result of the credit crisis. Panrico SLU had appointed Credit Suisse to run an auction process after it entered restructuring talks in March. Since then readers have every day a new choice between newest rumours. Latest news: Some Private equity firms have submitted bids for Panrico, after lenders to the business abandoned plans for a restructuring. Among the now suspected bidders are Permira and PAI Partners. Apax Partners bought Panrico in 2005 in a deal reportedly worth 900 million EUR. Panrico makes branded pastries and sliced bread and is best known for its Donuts brand – but the company has been severely hit by the Spanish downturn, which has seen consumers shifting to cheaper generic brands that supermarkets sell …

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