AREYHOLD ACQUIRE a 49% PAN SIGNIFICATIVE PARTICIPATION. RLD ADVICE

Madrid, 30 July 2025- Family officeAreyhold, has acquired49% of Pan.Delirio, recognized artisan artist Madrid property of thefamily Cocheteuxas well as the same percentage of your bakery schoolSubject matter, in aoperation advised by the boutique office RLD, specialized in corporate and M & A.

OPERATION CLAIMS:

• Areyhold strengthens its commitment to the gourmet sectorwith the entry in Pan.Delirio, a brand consolidated in Madrid with great potential for both national and international expansion.
• Bet on baker art and training: The Matter school, a fundamental part of the operation, is consolidated as a centre of excellence to train new generations of bakers, covering a training vacuum in the sector.
• The Cocheteux family maintains operational control, ensuring the continuity of the craft project that has made the brand a reference in Madrid.
• RLDhas acted as legal adviser to Areyhold, the lawyerTomás F. Sernaas a legal adviser to Pan. Delusion andSeabird Capitalas a financial adviser.

Pan.Delusion, recognized for its handicraft and family bakery, and awarded year after year has consolidated its presence in the Madrid market through three own shops located in strategic areas of central Madrid. In addition, the brand has expanded its distribution through a selective presence in corners of the prestigious supermarket chain premium Sánchez Romero, as well as in selected establishments of El Corte Inglés in key locations of the capital. This combination of own sales points and collaborations with premium retallers reflects the quality and exclusivity of the brand.

This operation strengthens the strategy ofAreyhold, which seeks to diversify its portfolio of investments with a business focus with growth potential and differential value. The entry into Pan.Delirio will not only boost the expansion of the brand, but will also explore new opportunities in different sectors, expanding its reach in the gourmet market where it makes the difference from its competitors.

Areyholdthe project with strong artisanal and national projection, while thefamily Cocheteuxmaintain its majority participation and continue to lead the creative and operational direction of the business.

RLD, which has been advising Areyhold since its inception, has again supported the family office in this operation, consolidating its strategic relationship and strengthening its specialization in transactions for family offices. On the part of Pan.Delirio, financial advice has been carried out by Seabird Capital, while legal advice has been provided by Tomás F. Serna.