International private equity firm, Cinven, has signed an agreement to acquire a majority stake in Planasa, a global operator in the agri-food sector, for a consideration of approximately €450 million.
Planasa specialises in plant research, nursery and fresh produce. Alexandre Darbonne, CEO and current owner of the company, will continue to hold a significant shareholding.
Headquartered in Valtierra, Spain, Planasa is a plant variety and nursery operator within the berry fruit category. The Group provides seeds, plants and R&D services to farmers, and fresh produce to retailers across the world.
Planasa has benefited from strong growth in its end-markets, underpinned by broader consumer health and wellness trends and a rise in global berry consumption. With 2,080 employees worldwide, Planasa supplies customers globally from its 12 production sites across Europe, the Americas and Asia.
Cinven’s Consumer and Iberia teams identified Planasa as an attractive investment opportunity, given that berries represent an attractive growth category globally, driven by underlying health and wellness trends in consumer diets, together with an increase in demand for convenience.
“Having mapped the Iberian market closely, we proactively identified Planasa together with our Consumer team, given its focus on the health and wellness sector. Our Iberian team was able to build a good relationship with Planasa’s owner and CEO to execute this primary investment. We are fully aligned with the highly capable and experienced team at Planasa on our vision for the Group and focused on creating a strong platform for further international growth,” Jorge Quemada, Partner at Cinven, commented.
CEO of Planasa, Alexandre Darbonne, said:
“We are delighted that Cinven is partnering with us to further internationalise and professionalise our operations, as well as enabling us to expand into new areas of business through continued investment in R&D. Planasa is set to benefit from significant growth in the coming years, both organically as well as through further add-on acquisitions, and we look forward to working with Cinven and benefiting from their expertise in these areas.”
For more information: cinven.com