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21 Jun 2026

CMS Francis Lefebvre Advises Unigrains, IDIA and Unexo on Le Duff Group’s Acquisition of Panamar Bakery

"CMS Francis Lefebvre advised Unigrains, IDIA and Unexo in support of Groupe Le Duff (Bridor) on its acquisition of Panamar Bakery. VGG & Associés, Gibson Dunn & Crutcher LLP, Clifford Chance and De Pardieu Brocas Maffei advised on the transaction's financial structuring. Panamar exports 1,200+ SKUs to 20+ countries, with €600m revenue (2026) and 2,600 employees."

CMS Francis Lefebvre advised Unigrains, IDIA and Unexo in their support of Groupe Le Duff (Bridor) in the acquisition of Panamar Bakery. VGG & Associés, Gibson Dunn & Crutcher LLP, Clifford Chance and De Pardieu Brocas Maffei also acted as advisers on the transaction’s financial structuring. The transaction concerns the acquisition by Bridor, the Groupe Le Duff specialist in premium frozen bakery products, of the Spanish manufacturer and distributor Panamar Bakery. Relying on an integrated production and distribution network, Panamar Bakery exports more than 1,200 product references to over 20 countries under the brands Panamar, Cobopa, Pacfren and Panusa. The group reported revenue of €600 million in 2026 and employs 2,600 people. This operation represents the largest acquisition to date for Groupe Le Duff and Bridor. Thanks to investments in new and existing plants and prior acquisitions, Bridor’s revenue grew from €750 million in 2021 to €2.5 billion in 2026, with the objective of doubling revenue by 2031. CMS Francis Lefebvre represented Unigrains, IDIA and Unexo with a team composed by: Arnaud Hugot (partner), and lawyers Louise Paysant and Clémence Godille-Warnesson for corporate/M&A; partners Chloé Delion, Xavier Daluzeau and William Hamon for tax; partner Caroline Froger-Michon for employment law; partner Jean-Baptiste Thiénot for commercial law; partner Nicolas Tollet for compliance; partner Aline Divo for real estate; and partner Céline Cloché-Dubois for environment and urban planning. VGG & Associés, Gibson Dunn & Crutcher LLP, Clifford Chance and De Pardieu Brocas Maffei acted as advisers on the financial structuring of the operation.
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