Spanish Immigration focuses on Economic Trends in Spain: Bright Food Group announced on the evening of September 29 that the acquisition of Miguel Company in Spain has officially been completed. This is reported to be one of the largest overseas acquisitions by the Chinese food industry in Spain this year, and it marks the first entry of a large Chinese food enterprise into the Spanish food distribution sector.
According to reports, the investment entity for the acquisition of Miguel Company in Spain is Shanghai Sugar and Wine Group, a wholly-owned subsidiary of Bright Food Group, with an acquisition price of 110 million euros. After the acquisition, Bright Food Group holds a 72% equity stake, while strategic investors from social capital such as China Construction Investment and Donghua Tong hold 28%.
Data shows that Miguel Company is a leading food distribution, wholesale, brand operation, and supply chain management enterprise in Spain, with a development history of 90 years. Its business covers four major areas: cash-and-carry, wholesale retail, catering services, and wholesale export, with its cash-and-carry business ranking second in this segment in Spain. In 2014, Miguel Company had a sales revenue of approximately 900 million euros. According to Bright's plan, Miguel products will be introduced to the Chinese market in November this year.