GED Capital's Procubitos Europe bolts on Polo Nord

The company's founder and CEO, Giuseppe Olivetti, will retain a minority holding and continue to lead the business. He will report to Miguel Ángel Vázquez, CEO of the new group.

According to a statement, Procubitos Europe will be able to consolidate its market position and expand further in Europe by entering the Italian market. In addition, the group plans to open a new production facility near Frankfurt, Germany, and to further pursue its buy-and-build strategy in order to boost its presence in the sector.

GED bought a 67% stake in Cubers Premium in February 2017 via its €150m GED V España fund, while the company's founders retained the remaining minority stake in the business.

GED-backed Cubers acquired ice cubes manufacturer Procubitos in June from the Vázquez Gavira family, which owned the business via its holding Hervaz Group and retained a minority holding in the company. Subsequently, the two companies were merged in one entity named Procubitos Europe.

Company
Established in 2004 and based in Pastrengo, near Verona, Polo Nord is a manufacturer and distributor of ice cubes and crushed ice. The company currently produces 25 tonnes per day of ice and generates an annual turnover of €1.5m.

People
GED Capital – Félix Guerrero (vice-president).
Procubitos Europe – Miguel Ángel Vázquez (CEO).
Polo Nord – Giuseppe Olivetti (CEO).

Advisers
Acquirers – Deloitte (financial due diligence).

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• Topics
• Portfolio management
• Southern Europe
• Consumer
• GED Capital
• Spain
• Italy
• Deloitte
• Buy-and-build
• Build-up