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Manolo Bakes has managed to position itself as one of the favorite brands, especially thanks to its iconic ‘manolitos’. Born in December 2017, the company has been growing year after year, reaching 42 stores in Spain during 2023, increasing its sales by 30% last year alone, which represents a turnover of 32 million euros. Likewise, this year it will put its focus on international expansion.
In addition, Manolo Bakes has started 2024 receiving the financial support of VGO Capital, an institutional private equity fund manager, through a corporate operation whose valuation is estimated to be close to 60 million euros. This operation also implies the exit of the Manzano family from the company’s shareholding, so Manolo Bakes becomes the owner of the original brand of the ‘manolitos’. The company is currently led by Pablo Nuño and Ángel Terrés, as co-founders and co-CEOs, and José Antonio del Castillo, as CEO.
100 stores in Spain and international expansion
In addition, this financial support will enable the company to set itself the objective of boosting its expansion, not only within Spain, but also internationally, specifically in markets such as the United States, Latin America, the Middle East and Portugal. In the latter its landing will be imminent, since it has recently signed a commercial agreement with a local partner for the opening of more than 15 stores in the next 3 years, foreseeing the opening of the first two of them in Lisbon during the first half of the year.
Regarding its commitment to Spain, the group reiterates that it continues to be a key growth market for the company, where it expects to reach 100 stores in the near future. In fact, Manolo Bakes currently sells more than 25 million ‘manolitos’ a year, so every day more than 70,000 units of these sweets are produced, which we are sure you have already tasted.