According to a company statement, The Real (Gvtarra, former Riberebro Group) sold its canned mushroom business to Eurochamp for approximately 14 million euro.
Specifically, they sold the assets that are part of this activity: the goodwill linked to these products and the logistics center in Alfaro (La Rioja).
The company stated that the operation was completed thanks to the agreement of 100% of the creditor banks, which have supported the sale as the best way to strengthen the activity and the future of both companies.
According to Eduardo Lopez, the owner of The Real, the operation is part of the group's 2018 strategy, which contemplates focusing all of the company's efforts on the development of plant solutions, based on legumes and vegetables, and on the business of fresh cultivated mushrooms.
The group plans to fully reinvest the amount of the transaction in the new industrial project destined to complete the restructuring of the company that began in 2015. The first investment in this new stage will be used to construct a logistics and labeling center of more than 10,000 m² in Navarra.
The group's management stated that the operation will allow it to reinforce its commitment to economic development and job creation in Navarra, La Rioja, and Cuenca. The company's chief executive said they continued to be committed to the regions where the company's production plants are located. "They continue to be priority geographic areas for the company's growth," he stated.