Spain-based funding company JB Capital has led a consortium to buy a majority stake in native group Palacios Alimentacion from fellow consumers MCH and Ardian.
Three completely different consumers participated throughout the acquisition: Madrid-based investor Ion-Ion, asset supervisor Corporación Financiera Guadalmar and Label Investments.
JB Capital declined to the touch upon the financial phrases of the deal nevertheless, in a press launch, acknowledged the model new companions will “help and accompany” Palacios Alimentacion’s administration group. Primary supervisor Pedro Dominguez, who has led the ready-meal maker since 2005, will keep on the helm.
Based in Logroño in northern Spain, Palacios Alimentación makes ready meals, pastries, refrigerated pizzas, potato omelettes, chorizo and desserts.
The company, which generates a turnover of roughly €400m ($414.9m), has seven manufacturing web sites in Spain, the US and the UK.
Rafael Garabito, managing director at JB Capital acknowledged: “Our priority as new shareholders of Palacios Alimentación is perhaps to help the company’s administration group throughout the implementation of its advertising and marketing technique with the intention of accelerating its progress and strengthening its administration throughout the sector.”
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Spain-based investor MCH Private Equity and France’s Ardian Co-Funding acquired a majority stake in Palacios Alimentacion 5 years up to now from private-equity large Carlyle.
José María Muñoz, founding affiliate of the seller, MCH Capital, described their possession as a “interval that, whatever the macroeconomic difficulties expert, has been a stage of extraordinary progress and consolidation, highlighting the expansion in merchandise and markets that is perhaps essential for its future”.
He added: “We hope that the group and its new shareholders proceed with these successes in a corporation which may be a real benchmark all through the world of meals.”