Bright Food International of Shanghai, China is listed on the Shanghai stock exchange and JIC Investment is a Chinese state-controlled entity. The transaction concludes a successful five-year ownership by the Chinese, having transformed GM Foods from a EUR 890 million revenue company in 2015 to around EUR 1.2 billion in 2020.
GM Foods was founded in 1950 as Miquel Alimentació in Vilamalla (Girona). It operates 72 Cash & Carry throughout Spain, has 3,400 retail points of sale managed through franchise agreements under the Suma, Spar, and Proxim brands, and more than 2,500 employees.
Clairfield International originated the opportunity and advised on the bidding strategy in a highly competitive auction process, due diligence, valuation, drafting of offers, and SPA negotiation among others in this complex international transaction.