Planasa to sell majority stake to venture capital firm for €450M
Planasa CEO Alexandre Darbone will continue to have "significant participation" in the company, a release said.
The entity employs more than 2,000 people worldwide and supplies fruit from 12 production areas across Europe, the Americas, and Asia. It has also been undergoing a substantial expansion recently, and in May purchased major California strawberry nursery NorCal.
Cinven said it had invested in Planasa for various reasons, including growing global berry markets spurred on by consumer health trends, its strong reputation in the sector and high-quality varieties it has bred, as well as future growth perspectives especially in the likes of Mexico and China.
It also pointed out the company had seen impressive growth in revenues over recent years.
The deal is subject to the standard regulatory approvals.
"Having following the Iberian market very closely, we have identified Planasa in collaboration with our specialized team, given its focus on the health and well-being sector," Cinven CEO Jorge Quemada said.
"Our local team has formed a good relationship with Planasa to carry out this investment. Cinven's vision for Planasa is in perfect harmony with that of its current management, which is highly capable and experienced, and which is focused on creating a solid platform to continue growing on an international scale. "
Darbone said it was "hugely satisfying" to be associated with Cinven to continue the process of globalization and optimization of the company's operations, as well as to facilitate further expansion into new business areas through continued investment in R&D.
"The combination of its experienced team and know-how in the consumer sector make Cinven the ideal partner for our business," he said.
"Planasa hopes to undergo significant growth in the coming years, both at the organic levels and through further acquisitions. We are looking forward to starting to work with Cinven and making the most of its experience in these areas."