Spanish investment fund Miura Partners has hired Greenhill as a financial advisor to organize the sale of Citri&Co, a Spanish grower of citrus, melons, watermelons, and stone fruit, sources told business newspaper Expansión.
The decision to sell Citri&Co followed failed negotiations with Canadian pension fund PSP. This fund owns several hectares of land that Citri&Co uses for fruit cultivation via a sale-and-leaseback construction.
The sale process is expected to start in February, with information about Citri&Co being distributed to potential buyers by mid-month. Miura is seeking a valuation of around 1,500 million euros for the company, which currently has an annual EBITDA of around 110 million euros. This amount could increase further if the acquisitions that are being negotiated are completed.
Citri&Co recently acquired the Melones El Abuelo company via its Brazilian subsidiary AgrÃcola Famosa for approximately 35 million euros to diversify cultivation and offer melons and watermelons all year round. Melones el Abuelo operates in Spain, Senegal, and Brazil, complementing Citri&Co's production in the southern hemisphere. This acquisition is part of a broader buy-and-build strategy by Miura Partners to expand the size and scope of Citri&Co.
Source: expansion.com