Valencia (Spain) / Rennes (France), 23 March 2026 – LE DUFF Group, global food industry player, announces the conclusion of an agreement to acquire the Spanish group, PANAMAR BAKERY GROUP (€600 million in turnover in 2026, 2,600 employees). This represents the largest acquisition to date by LE DUFF Group and BRIDOR.
LE DUFF Group is targeting €3.5 billion in turnover with its various subsidiaries: BRIDOR (bakery), GOURMING (ready meals); its CATERING chains (Brioche Dorée, Del Arte, La Madeleine, and franchises) and PROPERTY.
BRIDOR & PANAMAR BAKERY GROUP: shared ambitions and values
A family-run business and leader in its sector (retail, hotel industry, catering and bakery), PANAMAR BAKERY GROUP is a Spanish manufacturer and distributor of frozen bakery products, known for its high quality standards. It exports bread, its core business, Viennese pastries and pâtisserie products to over 20 countries. It proposes over 1,200 references. PANAMAR BAKERY GROUP relies on an integrated production and distribution network.
It will allow BRIDOR to strengthen its global industrial & logistics capacity in the 100 countries in which it operates.
BRIDOR is pursuing its global investment plan to accelerate its growth.
BRIDOR, global specialist in the manufacture of premium frozen bakery products, is investing in the construction and development of existing factories, as well as in acquisitions. BRIDOR’s turnover has increased from €750 million in 2021 to €2.5 billion in 2026. This global investment plan should enable BRIDOR to double its turnover in 2031.
- In AMERICA: expansion of the Bridor plant in Montréal (2021); and in the United States, acquisition of LECOQ CUISINE (Connecticut, 2022), expansion of the Vineland plant (New Jersey, 2025), construction of a plant in Salt Lake City (Utah, 2026), construction of a plant in Texas (2028).
- In EUROPE: acquisition of PANIDOR (Portugal, 2022); acquisition of PANDRIKS (Netherlands, 2024), continued investment in plants in in Fulda (Frankfurt, Germany, 2024) and Meppel (Netherlands, 2025); construction of a plant in Falaise (France, 2025); construction of a speciality products plant in Switzerland (2025); acquisition of PANAMAR BAKERY GROUP (Spain, 2026).
- IN ASIA-PACIFIC: acquisition of LAURENT BAKERY (Australia, New Zealand, 2025); expansion of the BRIDOR plant in Pékin (China, 2025).
The recipe for success: high quality, bakery know-how and industrial excellence
BRIDOR has grown alongside the greatest professionals in catering and gastronomy.
It supplies bread, Viennese pastries and frozen pastries to 90,000 restaurants, hotels (4, 5, 6 stars) and distribution professionals worldwide.
The company collaborates with Chefs such as Pierre Hermé, La Maison Lenôtre and Les Meilleurs Ouvriers de France (Frédéric Lalos) to offer original creations inspired by bakery cultures of the world.
Thanks to its strong growth, BRIDOR recruits many talented individuals worldwide every year and trains them within its Academy, across all business areas and jobs.
( https://recrutement.groupeleduff.com/fr/annonces )
The completion of the transaction is subject to the usual regulatory conditions.
BNP, Crédit Agricole CIB, Banque Nationale Marchés des capitaux, RaboBank, UNEXO, Unigrain, IDIA Capital Investissement and La Caisse assisted LE DUFF Group with the financial structuring of the transaction.
Transaction consulting:
Purchaser: Bird & Bird (legal), EY (tax & structuring), PwC (Transaction Services), Linklaters (regulations), Gibson Dunn
Sellers: Garrigues (legal), KPMG (Transaction Services and Tax) Houlihan Lokey (M&A)
