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Ged Capital’s Comess Group bolts on Levaduramadre

The artisan bakery chain plans to expand from Madrid to the rest of Spain reaching 180 stores

GED Capital, a private equity group specialised in the Iberian lower mid-market segment, has acquired a majority stake in the artisan bakery chain Levaduramadre, a 60 stores' chain specialised in the gourmet bakery and patisserie sector. The amount invested was not known.

 GED Capital's investment has been made through its portfolio company Comess Group, a restaurant group that manages a network of 380 establishments under its brands: Lizarran (pinchos tavern), Pomodoro (Italian restaurants), Cantina Mariachi (Mexican restaurants), DonG (Spanish fast food), Casa García (traditional Spanish bar) and others. Apart from GED Capital, Oquendo Capital and Manuel Robledo are also shareholders in Comess Group.

Comess Group will support Levaduramadre with its network of contacts and experience in the sector, supporting the chain in its expansion throughout Spain. Levaduramadre’s objective is to reach at least 180 establishments in the next few years, tripling its current size. As part of the agreement with Comess Group, Levaduramadre's current partners will maintain a stake in the company's capital and will remain involved in its daily management.

Enrique Centelles Satrústegui, Managing Partner of GED, said: "Comess Group is another example of the buy & build strategy in which GED is an expert, where we invest in lower mid-market companies to turn them into relevant players in their market through sector consolidation. We believe that franchise concepts such as the brands owned by Comess will experience a faster recovery than non-organised restaurants".

Manuel Robledo, Chairman of Comess Group, said: "With the integration of Levaduramadre we are taking a new step towards making Comess the undisputed leader in the organised franchise sector in our country. We will use our financial and management capacity to support the company so that it can replicate nationwide the great success it has achieved in Madrid".

Moncho López, partner of Levaduramadre, said: "With the integration in the Comess Group, the company will be further strengthened. Comess Group will provide Levaduramadre with the expertise of expanding franchises, and Levaduramadre will bring the capacity of managing small gourmet bakeries and the experience of years manufacturing their products for their 60 stores".

This is Comess Group's second acquisition since GED invested in the group in December 2020 through a capital increase, an operation that was aimed at acquiring a majority stake in the Italian franchise group Pomodoro. Since then, Comess Group has almost doubled its network of franchisees, going from 200 to the current 380 in less than 7 months, surpassing the plans that the company had set itself when GED became a shareholder.

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EFA News - European Food Agency
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