AmRest acquires Bacoa and enters Glovo as significant shareholder

The Polish group will apply for admission to trading on the Spanish stock markets

The AmRest group of restaurants, which operates brands such as KFC, Pizza Hut, Starbucks and Burger King, and is owner of La Tagliatella, has agreed to buy 100% of the Spanish chain Bacoa. The deal diversifies the group's portfolio of brands, and adds the premium hamburger segment to its range.

AmRest also strengthens its position in Spain, its second biggest market after Poland. Following the acquisition of Bacoa Burger, it will operate six new restaurants in Madrid and Barcelona, two of them owned and four operated as a franchise. The first of them opened in 2010.

The head of M&A at AmRest, Michal Serwatka, explains:"The acquisition of Bacoa is a strategic move into the premium burgers segment, a category of dynamic growth and enormous potential across Europe. We are very excited about the growth opportunities this acquisition offers for AmRest. The aim is not only toexpand our portfolio of proprietary brands, but also extend our footprint in western Europe. We are looking forward to integrating Bacoa into our system and making it a highly profitable and scalable business, which has always been key for AmRest. We simply can't wait to make Bacoa's great burgers available to a wider group of customers."

Stock-market listing and entry into Glovo
In June, the Polish company, which at the end of 2017 decided to transfer its corporate office to Spain, agreed at its shareholders' meeting to file for listing on the Madrid, Barcelona, Bilbao and Valencia stock exchanges, as well as the inclusion of its shares on the continuous market.

The group has also announced its participation in the capital increase of the home food delivery platform Glovo, founded in Barcelona in 2015. Following this transaction, it will become one of the significant shareholders with a guaranteed place on the board of directors. Since its creation, Glovo has expanded into France and Italy and handles a total of one million orders every month.

The head of the digital area of AmRest, Adam Sawicki, explains: "This agreement constitutes a significant step in building our position in food technology and the digitalization of restaurant industry. We are very excited about the growth opportunities this partnership creates for both companies."

The CEO and co-founder of Glovo, Oscar Pierre, said: "We firmly believe the support of one of the most important companies in the restaurant sector in Europe will allow us to continue growing rapidly thanks to its knowledge and extensive experience. This makes AmRest's financing the boost needed to keep optimizing the platform and offering the best service in the sector to our three main stakeholders: distributors, users and establishments; and thus become their delivery app of choice."