Citri&Co, owned by the private equity fund Miura Partners, has achieved record results this fiscal year with sales reaching 900 million euros and a production of 950 million kilos. These results have prompted its owners to consider selling the company for up to €1,500 million, in what could be one of the biggest deals this year among domestic private equity firms.
To facilitate this process, they will rely on the investment bank William Blair, which will distribute the sale prospectus in October. They expect it will be an organized process with several interested parties. The market expects the succession plan to be finalized by the end of 2024, but its closing could extend until the first quarter of 2025.
In five years, Citri&Co has grown to become the largest company in its sector in Spain, with an 8.4% increase in sales and an 11.76% increase in production over the previous year. The company feels ready to start its sale process after making the necessary preparations before summer. The Miura fund is the majority shareholder. The other significant owners are members of the founding Martinavarro and Ballester families.
The company has undergone a remarkable expansion since Miura Partners initially acquired a 25% stake in 2016 when it was already a leading citrus exporter in Europe. The growth strategy included acquiring other companies, such as Rio Tinto, Perales & Ferrer, and, more recently, San Miguel's fresh fruit business.
The sale of Citri&Co has generated interest among several financial investors. Canada's Public Sector Pension Investment Board (PSP Investments) is one of the main candidates, especially after it acquired farmland from Citri&Co in 2022.
The sale of Citri&Co is shaping up to be one of the most significant deals of the year, with a valuation that could reach 1,500 million euros. However, some financial sources suggest these price expectations could be too ambitious.
Source: eleconomista.es