Miura Partners closes the acquisition of Aceitunas Serpis
Vinca Capital has advised the selling family in the operation.
Expansión 16/06/2023 – Miura Partners, a Spanish Private Equity, closed yesterday the acquisition of a majority stake in Cándido Miró food group, known commercially as Aceitunas Serpis and pioneer in Spain and the world in the manufacturing and marketing of olives stuffed with anchovy.
The transaction, which is expected to be announced today, seeks to accelerate the growth and internationalization of the company, which to date was in the hands of the fourth generation of the owner family. Estrella Cantó, great-granddaughter of the founder, reinvests alongside Miura and remains in management as general director. The group has also hired Juan Gil as CEO, who also participates in the shareholding.
Candido Miró, founded in 1926 and based in Alcoy, closed last year with a record turnover of 50 million euros, 30% more than a year before. The forecast is to maintain a good pace and exceed 55 million euros in income during the current year. The group’s EBITDA is around 15 million euros.
With this transaction, Miura invests in the snacks category, one of the fastest growing in the food sector. Together with the fund, Cándido Miró will boost its innovation, enter new categories of healthy products, strengthen its industrial capacity and explore complementary acquisitions that contribute to accelerating growth.
The group, with presence in 30 countries and a leadership position in Spain, Mexico and other Latin American countries, will now attack other European markets and the United States.
The operation has been financed mainly with capital, although BBVA, CaixaBank, Sabadell and Targobank participate with a loan for the acquisition and a line of credit for investments. PwC, Vinca Capital, Garrigues and Gómez-Acebo y Pombo were the advisors on the agreement.
Aceitunas Serpis thus joins the portfolio of companies owned by Miura, of which Indiba, Educaedu, Brokers Alliance, Proclinic, Terrats Medical, Citri & Co, Grupo Tragaluz, Saona, EffectLED, Italcer, Gloval and Tekman are already part.
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