Nazca acquires the coffee & bakery chains SANTAGLORIA and TABERNA DEL VOLAPIÉ
Nazca Capitalhas reached an agreement to acquire, through its Fund Nazca III, the coffee & bakery chains under the brands SANTAGLORIA, El Molí Vell and L’Obrador from Europastry, leader in the production of frozen dough in Spain, and the chain TABERNA DEL VOLAPIÉ from its founders. The transaction includes the acquisition of around 100 units.
The recovery of consumption, the increase of the organized restaurant chain’s market share against independent restaurants and the potential consolidation in a highly fragmented market, represent an attractive business opportunity in an industry where new concepts with expansion potential arise constantly. In this market, taverns and coffee & bakery shops gather the greatest number of openings in the organized casual dining industry in Spain.
SANTAGLORIA is one of the leaders in the coffee & bakery shops segment with more than 50 units currently, some of them under the brands El Molí Vell and L’Obrador. Since the launch of the franchise system in late 2013, SANTAGLORIA has accelerated significantly its rate of new openings.
TABERNA DEL VOLAPIÉ, a “gastro-tavern” chain created 2008 is also experiencing a high growth of its franchise network with 12 openings in the last 12 months reaching current 40 taverns across the Spain.
The management teamformed by Carlos Pérez Tenorio (President), Augusto Méndez de Lugo (CEO) and Raimundo Jimenez Alba (CFO) has sponsored the project and is partner of Nazca in the platform FoodBox, created for the acquisitions of the above mentioned, and with the objective of becoming a leading multi-brand casual dining operator in Spain. The team has extensive experience in growth projects in Spain such as 100 Montaditos, La Sureña, TGB and Burger King.
FoodBox’s business plan includes the creation of a new central structure with the incorporation of 16 professionals with proven experience in the casual dining and franchises sectors. FoodBox expansion plan will be based on new openings of owned and franchised units of the current brands with the objective of surpassing 350 units within five years, as well as the incorporation of new brands to the platform.
FoodBox estimates 2015 full year results with sales of its owned and franchise units of over €35M and an EBITDA of €3m. Additional acquisitions of some brands which are currently under negotiation could significantly increase those figures.
Source: Press Release