Buca Capital's Pecivál cleared to buy the PAC Hořovice bakery group

CEE M&A Monitor

Food · Bakery Czechia Change of owner — cleared, final 16 Sep 2026

Buca Capital's Pecivál cleared to buy the PAC Hořovice bakery group

The Czech competition authority ÚOHS announced on 16 September 2026 that it has cleared the change of owner of the PAC Hořovice bakery group, which is being bought by Pecivál s.r.o. The transaction covers specifically PAC Hořovice s.r.o. and Pekárna-cukrárna Hořovice s.r.o. Pecivál is controlled by Buca Capital s.r.o. and forms part of a business group whose main activity for the purposes of this assessment is the production and wholesale and retail sale of bakery and confectionery products — fresh bread, rolls and other baked goods, part-baked and frozen pastry, fresh sweet pastry, long-life sweet and savoury baked goods — and the production and wholesale of milling products, flour for baking and special purposes and milling feed materials, through Pekárna Srnín s.r.o. PAC Hořovice is likewise active in bakery and confectionery production and sales, while Pekárna-cukrárna Hořovice owns real estate leased to group companies and controls MLÝN ČISTÁ, spol. s r.o., a flour miller. The case was handled in simplified proceedings and the decision is final.

Our take Look at what comes attached. The target is not one bakery but a package: an operating bakery, a property company that owns the buildings the group works from, and a flour mill sitting one step up the supply chain. That is how family-built food businesses are usually structured, and it is also where sale processes get complicated — the trading company may be the thing the buyer wants, but the value sits partly in the real estate and partly in the vertical link to inputs. Owners planning an exit should map that structure honestly well before a buyer does it for them. What is leased from whom, at what rent, and what happens to those arrangements on a change of control are questions that determine the price, and they are far easier to fix a year out than during due diligence.

Source: ÚOHS — tisková zpráva 16. 9. 2026 →ÚOHS — tiskové zprávy, hospodářská soutěž →

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