GPF-backed Natural Fruit Company buys Frugarva

Frugarva's founding and managing family will stay on with the business and control a stake in the Natural Fruit Company.

Following this merger, the combined group will exceed €200m in annual turnover. The company plans to further expand both in Spain and internationally, and will continue to pursue a buy-and-build strategy, with the aim of creating a leading platform in the citrus production sector.

The Natural Fruit Company was established by GPF in December 2019, when the firm acquired and merged Fruxeresa and Frutas Naturales, two Spanish companies specialised in the production of citrus fruits.

The GP acquired the companies via its €150m second fund. In addition, GPF is managing a third vehicle, which closed on €300m in February 2020. 

The fund has a generalist approach and targets sectors with strong aggregation and internationalisation opportunities. It invests in SMEs generating EBITDA in excess of €3m and revenues of up to €100m. 

Company
Founded in 1965 and based in Alhama de Murcia, Frugarva specialises in the production and distribution of lemons and pomegranates.

Employing 400 staff in its production facilities located in Alhama and Valencia, the company provides its customers with more than 70 thousand tonnes of fruit per year, generating annual revenues of around €50m, of which 90% comes from outside Spain.

Advisers
Equity – Uría Menéndez (legal); KPMG (financial due diligence); Garrigues (legal).
Company – A&G (corporate finance); Cuatrecasas (legal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• GPF Capital
• Spain
• Build-up
• Buy-and-build
• KPMG