Acon buys Spanish vegetables producer Alsur

Alessia Argentieri
04 August 2020

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US-based private equity firm Acon Investments has acquired a majority stake in Sola de Antequera (Alsur), a Spanish producer and distributor of preserved and canned vegetables.

As part of this transaction, Acon partnered with Quarza Inversiones, which acquired a minority stake in the company.

Quarza is a Madrid-based private equity fund that targets Spanish companies with high growth potential, generating EBITDA of more than €3m.

The founding Jiménez family, together with Mario Mustafá Aguinaga, Alsur's business partner in Peru, will retain a significant minority stake in the company.

Following the deal, Acon intends to integrate the various subsidiaries of Alsur, which previously operated independently, into one multinational holding company.

The GP appointed a new CEO, Jorge Mañas Avisbal. He previously worked as commercial director of the Ángel Camacho Group, a producer of canned olives and jams, and held managerial positions at Danone, Faccsa Group and Grupo Muela.

Acon plans to consolidate Alsur's market position across Spain, bolster its international expansion and continue to drive its growth in the US, where demand has increased over the past few years.

Acon has previously invested in the Spanish market, acquiring Contenur, a manufacturer of containers for waste management in December 2017, and skincare and cosmetics specialist Germaine de Capuccini in February 2019.

Company
Established in 1988 and headquartered in Antequera, Alsur is a producer and distributor of preserved and canned vegetables, primarily broad beans, artichokes, asparagus and peppers.

The company sells its products in Spain and the US under both its own Alsur brand and various private labels in partnership with Spanish and American food retailers.

Alsur has production facilities located in Antequera, Spain, and Arequipa and Cusco, Peru. The company generates annual revenues of aroud €40m.

People
Acon Investments - Marcos Semmler (managing partner).
Quarza Inversiones - Cristian Abelló (CEO).
Alsur - Jorge Mañas Avisbal (CEO).

Advisers
Equity - Greenhill (corporate finance); Hogan Lovells (legal).
Company - BBVA (corporate finance); KPMG (financial due diligence); Cuatrecasas (legal).