Nazca and the minority shareholders of FoodBox have reached an agreement with BlueGem for the acquisition of 100% of the capital of FoodBox, which will be completed in the next few days, once the usual requirements for this type of transaction have been met. It will do so through one of its investee companies in order to boost the development of its restaurant activities in Spain, where it is already the majority shareholder of the Lateral restaurant group.
On this transaction, Carlos Pérez de Jáuregui, partner of Nazca, expressed his satisfaction: “FoodBox represents the latest divestment of our Nazca III Fund. We are proud that, together with Augusto and Carlos, we have been able to create from scratch a benchmark multi-brand restaurant platform in Spain. We are convinced of the success of the next stage that FoodBox is facing.”
The BlueGem fund has more than €900 million in assets. Since 2017, it has been the majority shareholder of Lateral restaurants, which has 16 of its own restaurants in Spain and a turnover of close to €30 million before the pandemic.
The DLA Piper team advising Nazca Capital on the transaction was led by Corporate legal director Remei Sánchez, together with Corporate partner Joaquín Echánove, and associate Laura Santos.
On the other hand, EY advised BlueGem Capital Partners on this deal with a Tax team led by partner Elena Sanchez Llorente (top right) and manager Teresa Liébana Anero (bottom left) and, from the Legal team, partner Francisco Aldavero (top left) and senior manager Elsa Puentes (bottom right).
Also, CMS Albiñana & Suárez de Lezo (CMS Spain) advised Bluegem on the acquisition of the Foodbox restaurant group (Volapié, Santa Gloria, MasQMenos, Papizza and L’Obrador), owned by Spanish private equity firm Nazca Capital and the other founding partners of the company. CMS’ team was led by chairman partner Rafael Suárez de Lezo, Corporate / M&A partner Ignacio Cerrato. The team was also formed by Tax partner Diego de Miguel, Labour partner César Navarro, Financial Markets & Services partner Guillermo Muñoz-Alonso, Competition & EU partner Carlos Vérgez, Insurance, Reinsurance & Innovation counsel Rafael Sáez, Tax counsel Ricardo Héctor, Labour counsel Eva Ceca, Labour associate Cristina Ridruejo, Financial Markets & Services senior associate Marta González, Competition & EU senior associate Aida Oviedo, Corporate / M&A associate Macarena Méndez, Tax associate Isabel Montes, Financial Markets & Services associate Víctor Sanjuán, Tax associate Paloma Herreros de Tejada.