ICG buys stake in Alvinesa from Artá

The deal gives the company an enterprise value of €365m, a source close to the situation told Unquote.

Artá generated a 4.4x return and 48% IRR on this investment.

Following the deal, Alvinesa founder Jesús Cantarero will retain a significant stake in the business and continue to lead the company.

Artá mandated Rothschild for the sale of the company at the beginning of 2020. The process was delayed by the Covid-19 outbreak and restarted in October 2020, attracting several bidders, including ICG, Goldman Sachs, Riverside and Torreal, according to press reports.

ICG has invested in the company via its €4.5bn fund ICG Europe VII. With the GP's support, the business plans to further boost its growth, consolidate its market position and bolster its international expansion.

The sale ends a four-year holding period for Artá, which acquired a 36% stake in Alvinesa via its €400m vehicle Artá Capital Fund II; Cantarero retained the remaining 64%.

Under Artá's ownership, Alvinesa expanded its product offering with the addition of natural colorants, antioxidants and new organic products. The company also built a new extract plant that will come operative in the coming months. Alvinesa has increased its operating profit by 250% over the last four years.

Company
Established in 1993 and headquartered in Daimiel, Alvinesa specialises in the production of wine derivatives and additives for the food, cosmetics and industrial sectors.

Its products include tartaric acid, grapeseed oil, and biomass, as well as grape anthocyanins and polyphenols.

Alvinesa generated EBITDA of €24m from turnover of €70m in 2020.

Around 80% of the company's sales come from outside of Spain.

People
Alvinesa Natural Ingredients – Jesús Cantarero (founder, CEO)

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