The Spanish investment fund GPF Capital and Alexandre Pierron-Darbonne, chief executive of Planasa, have joined forces to acquire capital of Fruxeresa and Natural Fruits, leading to their merger and the creation of one of the European leaders in the citrus sector. The combined sales of both companies will amount to about 140 million Euro. This is another example of concentration processes and investment fund inflows in the sector. In fact, most of Planasa's own capital was acquired by Cinven two years ago for 400 million Euro.
Fruxeresa, founded in Valencia in 1982, and Frutas Naturales, founded in Murcia in 1980, are devoted to the production and distribution of citrus fruits. Together, Fruxeresa, Frutas Naturales and Bici Bio Nature (another brand of the latter) currently sell more than 210,000 tons of fruit per year with its 83,000 square meters of facilities. Exports represent more than 90% of its turnover. Sources close to the operation say that the entry of the investment fund in the capital of both groups, and their integration, is a great leap for the expansion of the business in both conventional and organic citrus.
France, the first step
The first steps of this plan will materialize with the opening of a logistics center in France, which will improve the logistics capabilities of the new group, and a new plant in Valencia, which will serve to increase the productive capacity.
To date, GPF Capital has channeled about 400 million Euro into the Spanish SME with both own capital and some from third parties, and it plans to raise that figure to 500 million.
Source: expansion.com
