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06 Apr 2026

Addleshaw Goddard advises MCH on €300m continuation fund to extend investment in Europastry

"Addleshaw Goddard advised MCH Private Equity on the structuring and tax aspects of MCH Continuation Fund II FICC, a continuation vehicle to maintain MCH’s investment in Europastry (a frozen-dough company). The fund, led by Ares Management and backed by the European Investment Fund and Newbury Bridgepoint, brings MCH’s total investment in Europastry to €300m. The deal team was led by funds partner María de Orueta with senior associate Gonzalo Lozano; tax advice was provided by partner Alberto Ruano and senior associate Cristina Galán."

Addleshaw Goddard advised Mapfre on the launch of its second biomethane fund and advised MCH Private Equity on the structuring and tax aspects of its continuation vehicle, MCH Continuation Fund II FICC. The transaction comprised (1) the launch of Mapfre’s second biomethane fund and (2) the creation and structuring of a continuation fund to allow MCH to extend its investment in Europastry. The continuation fund, led by Ares Management and backed by the European Investment Fund and Newbury Bridgepoint, brings MCH’s combined investment in Europastry to €300m; continuation funds are a private equity mechanism used to maintain or extend investments in portfolio companies. Lawyers on the deal: María de Orueta — funds partner; Gonzalo Lozano — senior associate (funds); Alberto Ruano — partner (tax); Cristina Galán — senior associate (tax).
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