Investcorp, a fund based in Bahrain that currently owns Agromillora, one of the largest nurseries in Spain, plans to sell the company in the second half of the year for nearly 500 million, according to sources that spoke with CincoDias.
Investcorp entered the Spanish market in 2016 when it acquired Agromillora for nearly 200 million from the Spanish Nazca fund. The company is based in the Catalan region of Alt Subirats and was founded by the Sumarroca family.
The company closed in 2020 with losses of 6.79 million euros. According to the company's financial report, Agromillora would have obtained a profit of 7.69 million had it not been for a 14 million payment it made for the purchase by the fund.
Agromillora has 628,000 m² of greenhouses and a workforce of more than 1,500 employees. When it was founded during the 80s, it focused on the cultivation of olive trees. Currently, it also grows other crops such as almonds, apricot, plum, grapes, and pistachios.
In the years that the venture capital owned it, the company increased its product offer and experienced an intense international expansion. It has subsidiaries in Chile, Brazil, Morocco, Turkey, Australia, the USA, Jordan, Italy, Tunisia, and Peru.
The company faces the sale process with a debt of 56 million. The debt is made up of two syndicated loans totaling 48 million. It also has a line of credit for 10 million.
A magnet for investors
In recent years, the Spanish countryside has stood out as a true magnet for investors. This year alone, the British fund Stirling Square has acquired the fertilizer manufacturer SAS and Partners has acquired 50% of the Spanish leader in herbicides, Rovensa. In recent months, other relevant operations in the Spanish market have been the takeover of Planasa by Cinven and the creation of Citri & Co, which Miura created on the foundations of Martinavarro.