Clifford Chance advises the mezzanine subordinated lenders to Groupe Le Duff on the financing of the acquisition of Panamar Bakery

International law firm Clifford Chance has advised the mezzanine subordinated lenders to Groupe Le Duff on the financing of the transaction.

A global player in the food industry, Groupe Le Duff has completed the acquisition of Panamar Bakery Group (with revenue of approximately €600 million in 2026 and 2,600 employees). This transaction represents the largest acquisition completed to date by Groupe Le Duff and Bridor.

A family-owned company and market leader across retail, hospitality, foodservice and bakery sectors, Panamar Bakery Group is a Spanish manufacturer and distributor of frozen bakery products, recognized for its high quality standards. The company exports its core product—bread—as well as viennoiserie and pastry products to more than 20 countries, supported by an integrated production and distribution network.

This transaction will notably enable Bridor to further strengthen its global industrial and logistics capabilities across the 100 countries in which it operates.

BNP, Crédit Agricole CIB, National Bank Financial Markets, Rabobank, UNEXO, Unigrains, IDIA Capital Investissement, La Caisse (formerly CDPQ), J.P. Morgan and Amundi assisted Groupe Le Duff with the financial structuring of the transaction, combining a senior debt tranche and a mezzanine debt tranche.

The Clifford Chance team comprised Pierre-Benoît Pabot du Châtelard, partner, Sophie Laporte, senior associate, Gwenvael Porsmoguer, associate, as well as Hanène Zemir, senior associate, and Adrianna Gelbert, associate, on the tax aspects.

Press contact: Lydia Persico