Frida was Spain’s leading manufacturer of frozen pastries, buns and croissants. The Spanish market in frozen bakery products had demonstrated several years of strong growth and the favourable market dynamics strongly supported the potential for future growth. Cinven invested in the business in 1995, backing the founder and existing owner of Frida.
The investment strategy involved the business developing its sales in regions of Spain where it was not fully represented. It also targeted expansion in new markets in Portugal and southern France. It planned to continue bringing new products to market, especially those suited to regional tastes.
The business successfully met its financial targets during the term of Cinven’s investment. The investment was realised in March 1997 by way of a trade sale.
Multiple returned on investment: 2x