Agrupapulpí, a leading Spanish watermelon producing company and one of the largest Iceberg lettuce producers in Europe, now has unprecedented financial muscle with Magnum Industrial Capital Partners as its new shareholder.
This operation, formalized a few weeks ago, will give a boost to the project designed by the company's management, aimed at expanding the acreage and the product range. The operation is expected to revolutionize the production of lettuce and watermelon in Spain. Although no actual figures have been revealed, there had been public offers of around 90 million Euro.
Not surprisingly, Spain is the world's largest exporter of lettuce (with more than 800,000 tons per year). Most of the production is carried out in Murcia (70% of the national production) and Almeria (15%). Similarly, Spain is also Europe's number one watermelon exporter, with more than 700,000 tons per year, and the second largest in the world.
In order for the operation to be successfully completed, Agrupapulpí's partners have been backed by the corporate team of Bankinter and the legal and fiscal team of Garrigues in Murcia; major specialists in the sector and regular advisors in such corporate agricultural investment operations.
Magnum was advised by Herbert Smith, while BBVA was in charge of funding coordination.
Current prospect is to reach 3,000 hectares
Agrupapulpí currently has more than 2,300 hectares in full production in Murcia, Almeria and Granada, but expects to reach 3,000. As explained by Rodrigo Soler and Lorenzo Belmonte, who are still leaders of the Agrupapulpí team, the company's growth plans are focused on different areas and regions. There are even some international projects.
This growth and investment plan is intended to allow the company to offer a more complete service to its customers, the list of which includes the main supermarket chains in the continent, which appreciate the high reliability and total traceability of its production.
As a result of the above, the company, which is a partner of Proexport in Murcia and Coexphal in Almería, is also expected to grow in terms of production, staff, and capacity of its packing centers.