A swathe of Spanish and international funds are reportedly set to make bids for leading integrated European berry company Planasa as the breeder, nursery, grower and trader continues on its global growth path.
Last week the publication El Independiente reported sources close to the group as saying the funds Pai Partners, Cinven and Ardians were in the final phase of negotiations to take control of Spain-based Planasa, which has annual sales of €100 million (US$119.7 million) and 2,000 staff.
This compares to revenue of €59.2 million (US$70.8 million) just four years ago, the story reported.
Publication El Confidencial then reported other funds were also in the running, including CVC Capital Partners, Bain Capital, Advent, Carlyle and Bridgepoint. The story highlighted expectations a transaction would be completed within the coming weeks.
El Independiente reported Planasa owner and president Alexandre Pierron-Darbonne would likely remain as the face of the company, and also highlighted key deals over the past year including the purchase of major Californian strawberry nursery NorCal and capital investments from Chinese raspberry grower Yunnan Meiming Agricultural.
El Confidencial reported the negotiations in the broader context of heightened corporate activity in Spain’s fruit sector, including ProA Capital’s investments in the country’s leading table grape grower Moyca and manufacturer Go Fruselva, as well as Miura’s Capital’s investment in citrus giant Martinavarro.