Ashurst lands Apax Spanish acquisition

Ashurst has carried out its first successful Spanish deal for Apax Partners since landing a place on the private equity house’s panel in June 2004.

Jesus Almoguera, a Madrid-based corporate partner, led the Ashurst team advising Apax on its acquisition of a majority stake in Spanish bakery business Grupo Panrico for an amount reported to be around EUR900m (£625m)

Ashurst’s London office also advised on the debt financing of the deal.

In March this year Ashurst won its first UK deal for Apax, advising on the offer for HIT Entertainment – the company behind Bob the Builder. The firm has also advised on a number of unsuccessful bids in the UK and Spain.

Clifford Chance, which advised Apax before it lost its panel place in the 2004 review, advised on the senior credit facility for the Panrico deal. Fried Frank Harris Shriver & Jacobson acted for the PIK lenders. Spanish independent Garrigues advised Panrico.