Barcelona-based private equity fund Abac Capital has completed its acquisition of a majority stake in Grupo Agroponiente.
The deal, which includes the purchase by Agroponiente of Lara Castañeda, and also sees it increase its majority stake in Vegacañada, marks a new stage in the international development of the Almerían fruit and vegetable grower-exporter, enabling it to accelerate its expansion and improve the service it offers to producers and customers.
Agroponiente will maintain its current management structure, with Diego Rafael Amat Navarro as president of the group and Miguel López Martínez, until now attached to the presidency, who will lead the executive line-up as CEO.
Amat described the deal as great step forward for Grupo Agroponiente and for the entire produce sector.
“The sector has been in need of large companies for many years, that provide the grower with firm structures to enable it to compete in complex and powerful international markets,” he said.
“This commitment will allow us to grow, be more competitive and offer better services to our customers, but above all to our producers, who will always be the cornerstone of our corporate philosophy.”
Agroponiente markets around 350,000 tonnes of fruits and vegetables a year, has a turnover of around €300m and employs 2,000 people.
The company also has shares in several other companies, including Difrusa Export, Sap Biotech, AGF Fashion Group and Keepfresh Agro Andalucía.
