Investcorp exits Agromillora to Edify

During the course of Investcorp’s ownership, the GP invested more than EUR 30m in growth initiatives globally. It also expanded the services of the company across crops and geographies, according to a press release.

Financial terms of the deal were not disclosed, but Spanish outlet Cinco Dias reported that preliminary valuations started at EUR 500m. In October 2021, Expansion reported that Investcorp mandated Lazard to explore strategic alternatives and a sale.

According to Unquote Data, Investcorp acquired Agromillora in October 2016 from Nazca Capital. At the time, the business was valued at around EUR 250m. Investcorp acquired Nazca’s 49% minority stake and also a part of management’s stake which brought Investcorp’s shares to around 60%.

Investcorp is currently deploying equity via its European Buyout Fund 2019 which held a final close in January 2019 on EUR 1bn. Its latest vehicle, European Buyout Fund 2021, was registered in March 2021 with a target of EUR 1-1.5bn. The GP targets buyouts, substantial minority stakes, or controlling stakes in businesses with EBITDA in the range of EUR 10m-40m and high growth potential. It provides equity investments of around EUR 100m-200m, according to Unquote Data.

The GP has invested over EUR 1.7bn in companies across Europe since 2012. It recently sold Italian clothing and technical gear producer Dainese to Carlyle, as reported.

Company
Agromillora was founded in Barcelona in 1986. The company provides plant propagation services to the agriculture industry focusing on permanent crop-producing trees including citrus trees and stone fruit trees, among others.

Agromillora provides its services internationally and had revenues of around EUR 83m in 2020, according to reports.

The company employs 1,500 staff and is present in 25 countries, according to its website.

People
Investcorp - Luis Gonzalez (managing director), Daniel Lopez-Cruz (head of European private equity).
Agromillora – Jordi Mateu (CEO).

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