The Spanish company acquires the majority of the partnership that groups its local business with the Chilean Alicomar. The aim is to scale frozen bread in South America, where penetration is below 10%.
The Spanish company Europastry has acquired a majority stake in the partnership that integrates its operation in Chile with the local firm Alicomar, as confirmed by the CEO of Europastry, Jordi Gallés, in statements reported by Diario Financiero and echoed by ecosistemastartup.com. The operation makes the Catalan company the main partner in the joint venture, which includes the brand Pan de Origen and Alicomar's activity as a supplier of ciabattas for Walmart and Oxxo.
The transaction has been advised by Deloitte on the buyer's side and by lawyers Mario Diemoz and Gonzalo Espinosa on the seller's side. The operation lays the groundwork for a regional platform with which Europastry aims to scale the frozen bread business in South America, with Chile as the first market and looking towards other countries in the Southern Cone.
“We have bought the majority of the new company,” Jordi Gallés has assured.
Europastry, founded in 1987 in Sant Cugat del Vallès (Barcelona), operates in more than 80 countries and has 27 production plants in Spain, Portugal, the Netherlands, Romania, the United States, and Mexico. In 2023, it reported a revenue of 1.347 billion euros and allocated 107 million to R&D and technology. Its clients include Starbucks, Mercadona, Pret a Manger, Manolo Bakes, Granier, Pans & Company, and Dunkin’ Donuts.
In Chile, the company was already distributing croissants, donuts, cookies, and muffins to the hospitality channel, artisanal bakeries, and retailers, but lacked a local plant to produce artisan and rustic breads at scale. That capacity is provided by Alicomar, which already works with chains like Walmart and Oxxo. This is complemented by a previous alliance with Grupo Alsea in Mexico, which Europastry has used as a platform in the country.
“This alliance is very important for us because it will allow us to grow significantly in the Chilean market,” Gallés has stated.
The Chilean market presents a notable growth margin: frozen bread represents less than 10% of fresh bakery, compared to around 40% in Europe. Gallés estimates that this share could reach 20% in a decade, even with total bread consumption declining, which currently stands at around 90 kilos per person per year in Chile. The vectors supporting this forecast are changes in consumption habits, the search for convenience, and a greater variety of products.
The operation is part of a broader expansion strategy. In June, Europastry announced the acquisition of the American Highland Baking Company, with plants in Northbrook (Illinois) and Spartanburg (South Carolina), and expects to exceed 2.3 billion dollars in annual global revenue after the closing, scheduled for the second half of 2026. The company has also announced an investment of 700 million euros in its plant in the United States to expand capacity.
In 2024, Europastry attempted to go public with a valuation of up to 1.57 billion euros, an operation that was postponed due to geopolitical instability. The acquisition in Chile is financed privately, allowing the company to continue closing regional purchases.
For the Spanish market, the operation represents another step in the internationalisation of a Catalan company that already generates most of its business outside Spain. Local production in Chile will allow Europastry to reduce imports and shorten delivery times, which can translate into better margins and a stronger position against local competitors.
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