Abac acquires Grupo Agroponiente

In addition, Agroponiente has also bolted on agri-food company Lara Castañeda and has increased its majority stake in vegetables producer Vegacañada. 

The founders and managers of Agroponiente and Lara Castañeda co-invested alongside Abac. They plan to use the fresh capital injected and the support of the GP to integrate the three companies into a new group to consolidate its market position and expand further internationally.

Abac invested in Agroponiente via its Abac Solutions I fund, which held a €320m final close in May 2016 and targets the Spanish mid-market.

Company
Established in 1987 and based in El Ejido, near Almería, Agroponiente partners with 3,000 fruit and vegetable producers and sells their products in several auction centres. The company manages 20 collection points and five packaging facilities, and exports 70% of its products. It employs 2,000 people and generated revenues in excess of €300m in 2018.

People
Abac Capital – Oriol Pinya (founding partner).
Agroponiente – Diego Amat (co-founder, president).
Lara Castañeda – Antonio Lara (founder, president).

Advisers
Equity – Baker & McKenzie (legal); EY (financial due diligence).
Company – Ramón y Cajal Abogados (legal); Grupo MBD (corporate finance).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Spain
• EY (Ernst & Young)