Inveralias, Paul Capital and Fingalicia, the buy-out firms, have sold their stakes in Europastry, the bakery products company, in what is thought to be Spanish private equity's final exit of 2003.

The three investors sold their combined 27.5% in Europastry to Pere Galles, the company's founder, and Josep Val Palou, owner of Vall Companys, the cattle group.