Llusar, the company that specializes in premium citrus fruits, and Naranjas Torres, a producer of high-end citrus fruits, have reached an agreement to integrate and create the largest Spanish group of premium citrus fruits, with a joint turnover of more than 130 million euro.
The group formed by the union of both companies will market nearly 100,000 tons of fruit a year that they will produce in more than 45,000 square meters of facilities in Almenara and Chilches, in the province of Castellon, in the Valencian Community.
The main objective of this operation is to generate synergies -especially in logistics and production- between both companies, which will continue to operate independently.
Llusar's main business is focused on the export of premium mandarins (85% of Llusar's income comes from its export activity). Meanwhile, Naranjas Torres mainly focuses on the marketing of premium oranges in Spain (which accounts for nearly 66% of its activity) and mandarins (33%).
In addition, the union of both companies will allow the group to better face some of the sector's main challenges. Joining forces will allow them to invest in the cultivation of differential varieties or in technology for production processes and innovations to differentiate the product internationally, the companies stated.
This operation is part of Llusar's national and international growth and consolidation plan in organic and traditional crops that they began in early 2021 after the incorporation of MCH Private Equity and SanLucar Fruit to its shareholders.
Llusar received counsel from Norgestion (M&A), Anaford (legal, tax, and labor Due Diligence), and Deloitte (Financial Due Diligence). Meanwhile, the selling side received counsel from Martí Solá (M&A and legal) and Quáter Abogados (legal).
Source: valenciaplaza.com
