Miura's Citri&Co bolts on Perales & Ferrer

As a result of the transaction, the combined group will operate nine packaging plants, generate an annual production of around 600,000 tonnes of citrus fruit from 8,000 hectares of land, and reach revenues of €400m. Citri&Co plans to expand further internationally and continue to pursue its buy-and-build strategy.

Following the deal, Perales & Ferrer's founder, Joaquín Perales, will stay on with the company and continue to lead the business, which will be run independently to further develop its organic lemons production.

Citri&Co was established by Miura following the merger of two citrus fruit producers: Martinavarro and Rio Tinto. The GP bought a 25% stake in Martinavarro in July 2016. Several international investors acquired a minority holding in the business alongside Miura, while the company's founding families – Martinavarro, Dealbert and Ballester – and the management team maintained a controlling stake. Subsequently, the GP bought citrus fruit producer Rio Tinto in July 2017 and merged the two businesses in Citri&Co.

Company
Established in 1975 and based in Bigastro, near Alicante, Perales & Ferrer specialises in producing and exporting citrus fruit, especially organic lemons. The company markets its products under its own brand, Perdiz, and distributes other brands as well. It operates three packaging plants located in Alicante, produces around 65,000 tonnes of citrus fruit per year and in 2017 generated a turnover of €60m.

People
Perales & Ferrer – Joaquín Perales Pérez (founder, CEO).

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• Topics
• Portfolio management
• Southern Europe
• Consumer
• Miura Private Equity
• Spain
• Build-up