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English>>Special Coverage >> Bright Food (Group) Co., Ltd.

Bright Food took over Miquel Alimentació in Spain

(People's Daily Online)    08:36, October 13, 2015

On September 30, Bright Food (Group) Co., Ltd. (or Bright Food for short) announced in Barcelona that the transaction of taking over Miquel Alimentació in Spain was settled and completed officially. This has been the biggest overseas M&A of Chinese food industry in Spain since this year and has been the first time that a big Chinese food enterprise enters the food distribution and circulation area in Spain.

The investor which took over Miquel Alimentació in Spain was the wholly-owned subsidiary of Bright Food, Shanghai Tangjiu (Group) Co., Ltd., ( or SSCW for short). The purchasing price was Euro 110 million. Bright Food accounted for 72% of the equity rights, and the strategic investors accounted for 28% of the equity rights. The M&A of Miquel Alimentació has two features: firstly, the state-owned enterprise led to control the Company and introduced social capitals including China Jianyin Investment Limited and Donghuatong as the strategic investors. By expressing the advantages of various shareholders, the new power was injected for the development of Miquel Alimentació. Secondly, during the M&A process, the business collaboration and butt joint between Miquel Alimentació and Chinese enterprises and Chinese market was started in advance to focus on the advantageous Spanish food. Now, the purchasing contracts on several varieties of food including grape wine and olive oil are reached. It is expected that Miquel’s products will be introduced to Chinese market in November.

According to the data, Miquel Alimentació is the leading food distribution and wholesale, brand operation, and supply chain management enterprise in Spain. With a development history of 90 years, the Company now has four businesses including Cash & Carry, wholesale and retail, food and beverage service, and wholesale export. Its Cash &Carry business ranks the second in the market segment of Spain. In 2014, Miquel Alimentació obtained the sales volume of about Euro 900 million. Bright Food has chosen Miquel Alimentació as the investment object and started the comprehensive cooperation with it, which benefits for the win-win development based on win-win co-operation. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Chun,Bianji)

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