10 October, 2015
Baker & McKenzie recently advised Bright Food Group (“Bright Food”), on the acquisition of Miquel Alimentacio Grup, the second largest food distributor in Spain, to establish its food distribution and logistics centre in Europe and globally. The EUR 110 million (US$123.15 million) takeover was made jointly by Shanghai Tangjiu Group Co Ltd, a fully owned Bright Food subsidiary which took a 72 percent stake in Miquel, JIC Investment Co Ltd and Shenzhen Donghuatong Trade Development Co Ltd.
The multijurisdictional Baker & McKenzie team was led by Shanghai-based corporate partner Danian Zhang and Madrid-based corporate partner Enrique Valera. They were supported by a wider team of associates based in China and Spain. The team had responsibility for legal documentation, corporate and regulatory issues and general transaction management.
Commenting on the deal, Danian said, "we are delighted to work with Bright Food on their first investment project in Spain. We hope this significant transaction will help Bright Food to achieve its strategic goals in Europe and globally. We also look forward to partnering with them on their outbound investment projects in the future."
Eurique added, "we think that this transaction greatly benefits both companies and it is the milestone in the company's strategy in Europe. The cooperation between Baker & McKenzie's offices in Shanghai and Spain has been one of the key factors to success in the transaction."
Bright Food is a comprehensive food industry group with a complete food chain – an assemblage of modern agriculture, food processing and manufacturing, and food distribution. They achieved operating income of more than RMB 120 billion in 2014.
Headquartered in Girona, Miquel Alimentacio Grup's revenue was EUR 897 million in 2014. It also owns SPAR, a franchised supermarket chain with over 500 locations.
