Spanish bakery and pastry business Airos Delicatessen is merging with local breakfast-cereal maker Esgir, a transaction backed by asset manager Impact Bridge.
The merger will create a "leading gluten-free food company" with combined pro-forma annual revenues of close to €30m ($34.8m), Impact Bridge said in a statement.
Martorell-based Airos makes gluten-free bakery, pastry and frozen products for retail, foodservice and other customers. The free-from baker employs more than 150 people and has focused exclusively on gluten-free products since 2007.
Meanwhile, Valencia-based Esgir manufactures breakfast cereals that are gluten-free, sugar-free and lactose-free.
The resulting combined entity will be called the Airos Group.