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Manolo Bakes has specified that the Atlético de Madrid and Spanish national soccer player Álvaro Morata remains as a shareholder partner of the iconic ‘manolitos’ chain, as reported in a statement.
Specifically, the bakery brand has responded to various reports that initially claimed that Morata had taken over the whole of Manolo Bakes, something that has been “categorically” denied, and subsequently, that the red and white striker had sold part or all of his stake in the company.
Specifically, Álvaro Morata is currently one of the shareholders of the company De Boca en Boca SL, which owns the Manolo Bakes brand. These partners include Pablo Nuño and Ángel Terres, co-founders of Manolo Bakes and co-CEOs of the company, which is managed by José Antonio del Castillo.
Recent changes at Manolo Bakes
A few weeks ago, the manufacturer of the iconic ‘manolitos’ reported the entry into the capital of the VGO Capital fund, an institutional private equity fund manager, through a corporate transaction whose valuation is estimated to be close to 60 million euros.
An operation that implied the exit of the Manzano family from the company’s shareholding, so that Manolo Bakes became the sole owner of the original brand of ‘manolitos’.
With this financial support, the company is addressing its goal of boosting its business plan and expanding outside Spain, preparing to enter markets such as the United States, where it plans to start expanding later this year, Latin America, the Middle East and Portugal, where it has recently signed a commercial agreement with a local partner to open more than 15 stores over the next three years, with the first two of them scheduled to open 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.