In August, Fremman Capital took control of the citrus companies that make up The Natural Fruit Company (TNFC) group through the replacement of the boards of directors after the sale operation between GPF Capital and the current owner was completed in July of this year.
The founding partner and director of Fremman Capital, Ricardo de Serdio, became the vice president of the group's companies, and Belen Bautista, also linked to the capital manager, is now a member of its board of directors. Jaime Fernandez-Rubies, Fremman's CFO, who worked with de Serdio at the French management company PAI Partners, was also appointed to the boards of directors.
Label Investment, a company owned by the businessman Alexandre Pierron-Darbonne, former director of Planasa, in addition to the equity companies D3 Patrimonial and Encar Activos, are no longer in the boards of directors. Fernando Castello Naya continues to lead the executive management.
Fremman is a pan-European investment firm founded in 2020 focused on investments in four main sectors; business and technology services, healthcare, consumer goods and distribution, and the industrial sectors. Banco Santander has a 30% share of the capital manager with a commitment of 100 million euro.
A European leader in the citrus sector
During the previous stage with GPF at the helm, Frugarva was integrated into TNFC, which already included the company Frutas Naturales, (Citrus Bici) and the Valencian company Fruxeresa, forming one of the largest citrus production and sale groups in Europe with an annual turnover of more than 200 million euro.
The Group, headquartered in Spain, is the resulting combination of these three family businesses and consolidates TNFC as the first distributor of lemons and the second distributor of oranges in Europe with 900 hectares of plantations located throughout Spain, mainly oriented to organic production, and with a production capacity of 400,000 tons of fruit per year. TNFC has eight processing facilities located in Spain and a logistics facility in Perpignan (France).
According to a recent statement from Fremman, the investment company decided to enter the citrus market due to the growth the sector has had driven by positive consumer trends, as well as the growing availability of citrus throughout the year thanks to the new varieties that cover a wider campaign, among other reasons.
They stressed that market leaders, such as TNFC, would be in a relevant position to grow and capitalize on the opportunities offered by this highly fragmented and constantly growing market.