Cofides invests EUR 49 million in Europastry alongside MCH Private Equity

✦ Meridian Analysis

State‑owned Cofides has committed €49.6 million to frozen‑dough maker Europastry as part of a €300 million capital increase led by private‑equity sponsor MCH Private Equity. The infusion lifts MCH’s holding to roughly 30 % and reduces the Gallés family’s stake to about 67 %, while the remainder stays with CEO Jordi Morral. The round also underpins Europastry’s recent €700 million acquisition of Highland Baking, which was financed with the €300 million equity raise and €400 million of bank debt. Europastry relies on €400 million of bank facilities to fund the Highland Baking deal. Observers should track Europastry’s U.S. integration milestones, its ability to refinance the bank loan, and whether Cofides continues its recent deal tempo – Meridian reported on Cofides’ €225 million participation in Amper’s acquisition of Teltronic, reflecting the fund’s active role in European M&A.

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