Carlyle acquires ProA's Palacios Alimentación

The transaction marks the fourth investment for Carlyle Europe Partners IV. The Europe-focused fund was launched towards the end of 2012 and is understood to have a target of around €3bn.

Following completion of the deal, Palacios will look to expand internationally.

Under the vendors' tenure, the business undertook a buy-and-build growth strategy, bolting on meat product manufacturer Tortillas Palacios in January 2011.

The announcement follows hot on the heels of another ProA Capital divestment – earlier this week the firm sold fertility treatment provider Clinica Eugin to trade buyer NMC Health in a €143m deal.

Other investments made by Carlyle's fourth European buyout vehicle include campsite and holiday operator Homair, as well as Schneider Electric's Custom Sensors & Technologies division.

Previous funding
ProA acquired a 60% stake in Palacios (then known as Embutidos Palacios) in July 2009. The deal was reportedly worth €100–120m at the time.

Following completion of the deal, Partners Group held a 20% stake and Talde held 15%, with the remainder owned by the company's management.

ProA then invested a further €1.47m of growth capital in the business in October 2010.

Company
Headquartered in the northern Spanish town of Logroño and founded in 1983, Palacios Alimentación is a food manufacturer. Originally specialising in the production of chorizo, the business now also manufactures pizzas, hamburger patties, desserts and tortillas.

Palacios generates a turnover of €150m with 25% of its revenue coming from exports. The business has a headcount of 600.

People
Mario Pardo is a director at Carlyle. Santiago Gómez is a partner at ProA. Pedro Rodriguez is CEO of Palacios.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Southern Europe
• Consumer
• Spain
• Carlyle Group
• ProA Capital
• Unq2015Mar