ICF Capital’s ICF Capital Expansió II fund has injected a €2 million capital increase into family-owned business Especialitats Masdeu, a leader in the premium food base manufacturing segment whose products include canapé biscuits, tartlets, mini cones and puff pastries such as vol-au-vent.

In 2018, ICF Capital took a stake in Especialitats Masdeu through its Capital Expansió FCR fund to double the production capacity of the firm’s plant in Puigdàlber (Alt Penedès), cement the acquisition of the French company Mariebel SAS and step up operations abroad. In late 2020 and at the height of the pandemic, the firm acquired Especialitats Vila, a sponge cake base manufacturer which is now part of the group.

This new transaction backs up the public financial institution’s commitment to the Catalan company to continue supporting its growth and buttress its leadership. The business plan will enable the firm to increase its turnover by expanding abroad and investing in product development and production machinery.

The Masdeu Group is headed by David Masdeu and has a 72-strong team, sales offices in Catalonia and France and production facilities in Puigdàlber and Les Lucs-sur-Boulogne (Nantes, France). The company exports to 32 countries and closed the 2022 financial year with consolidated turnover standing at over €12 million, twice as much as in 2019.

About ICF Expansion Capital II

ICF Capital Expansió II és un fons de capital risc gestionat per ICF Capital amb una política d’inversió dirigida a empreses catalanes, principalment industrials, amb volums de facturació a partir de 7 milions d’euros i resultats positius que tinguin plans estratègics de creixement a nivell orgànic (processos d’internacionalització, d’increment d’activitat productiva) o inorgànics (adquisició de companyies).

Les inversions es realitzen a través d’ampliacions de capital amb posició accionarial minoritària i amb un import fins als 7,5 milions d’euros.