Cases & Deals

BBVA, Bankia, and Banco de Sabadell provide €163 million financing to IPA Capital for acquisition of Productos Alimenticios Gallo

Clients Banco Bilbao Vizcaya Agentaria, S.A.; Bankia, S.A.; and Banco de Sabadell, S.A.

Jones Day represented a syndicate of financial entities in which Banco Bilbao Vizcaya Agentaria, S.A. (BBVA); Bankia, S.A.; and Banco de Sabadell, S.A., acted as mandated lead arrangers and underwriters. BBVA and Bankia as bookrunners and BBVA as facility agent, in connection with a €163 million (US$197.7 million) facility granted to IPA Capital, S.L.U. (sponsored by the private equity fund ProA Capital), for the acquisition of Productos Alimenticios Gallo, S.L.

Gallo is a leader in Spain in the manufacture and marketing of pasta, being the only producer of gluten-free pasta and fresh pasta in Spain. The Gallo brand is the fifth most recognized brand by consumers in Spain, with a market share in value of 36 percent, including both dry and fresh pasta under Gallo’s own brand and its distribution brand.

ProA Capital’s objective is to promote the growth of the company and the Gallo brand, strengthening its leadership in the Spanish market. With this transaction, ProA Capital strengthens its presence in the food sector, the fund is currently the majority shareholder of Fruselva and Moyca.