Le Duff Group has announced the acquisition of Spain’s Panamar Bakery Group, marking the largest single transaction in the history of the French conglomerate. The deal, concluded on 23 March 2026, integrates a business with an annual turnover of €600 million and 2,600 employees into the Le Duff portfolio.
Panamar Bakery Group is a prominent manufacturer and distributor of frozen bakery, Viennese pastry, and pâtisserie products. With an export reach spanning more than 20 countries and a catalogue of over 1,200 references, the Spanish firm provides Bridor—Le Duff’s industrial baking subsidiary—with an immediate and robust manufacturing base on the Iberian Peninsula.
The acquisition is the latest milestone in Bridor’s aggressive multi-continent expansion program. The subsidiary has seen its turnover rise from €750 million in 2021 to €2.5 billion in 2026. With the Panamar deal finalised, Bridor has set a strategic target to double this figure to €5 billion by 2031.
Under the new ownership structure, Panamar will remain a family-run entity, with Isabel Martinez continuing as president. The merger allows Bridor to leverage Panamar’s integrated production and distribution network to better serve the 100 countries it currently supplies.
Reshaping Global Production Geography
Since 2021, a significant capital investment program has been reconfiguring Bridor’s manufacturing footprint. The Panamar acquisition complements a series of global moves:
North America: Recent expansions include the Montreal plant and the 2022 acquisition of Lecoq Cuisine. New facilities in Salt Lake City and a planned 2028 plant in Texas highlight a focus on the U.S. market.
Europe: The group has previously acquired Panidor (Portugal) and Pandriks (Netherlands), alongside launching new builds in France and Switzerland in 2025.
Asia-Pacific: The 2025 acquisition of Laurent Bakery across Australia and New Zealand, plus the expansion of a Chinese production site, has solidified the group's presence in the East.
Financial and Regulatory Framework
The transaction involved a complex financial structure supported by BNP, Crédit Agricole CIB, and RaboBank, alongside various French regional finance institutions. Advisory services were provided by firms including EY, PwC, Linklaters, and KPMG. While the deal has been concluded, final regulatory clearance remains pending.
Implications for Industrial Baking
Bridor currently supplies approximately 90,000 hospitality and food service operators globally. By integrating Panamar’s infrastructure, Bridor adds significant production capacity and a regional distribution network in Southern Europe that it previously lacked.
The completion of this deal reflects a broader trend of consolidation within the industrial bakery sector. As the market shifts toward fewer, larger operators with multi-continental factory networks, the combination of two major frozen bakery specialists positions Le Duff Group to lead the volume premium baking segment.
As Le Duff Group marks its 50th anniversary in 2026, it is targeting a consolidated turnover of €3.5 billion across all divisions, including its catering chains Brioche Dorée, Del Arte, and La Madeleine.
