Alantra advises Grupo Incarlopsa on a €357mn long-term financing to support their growth strategy

Feb 2026

Debt advisory

Madrid – Alantra has acted as exclusive financial advisor to Grupo Incarlopsa on a long-term debt reorganization at Group level, encompassing Serlopi, Incarlopsa, and ICPOR.

The transaction consists of a c. €357mn long-term financing at the Group level, reorganizing the Group’s existing debt into a unified capital structure. It offers the flexibility and resources to support the execution of its growth strategy through committed financing available for future investments, structures long and short-term lines adapted to the business plan, and enables the repayment of the Sale & Leaseback transaction structured in their last financing process back in 2023. In addition, the Group has secured the working capital lines for its day-to-day operations.

The process was conducted through a competitive approach involving Spanish and international banking institutions to optimize structure, terms, and flexibility.

Incarlopsa is one of Spain’s leading pork producers, with 2.4 million white pigs and 270,000 Iberian pigs in 2024, and a strong position in cured ham, including leadership in white ham legs. As one of the few fully integrated operators nationwide, the company controls the entire value chain and serves more than 2,500 clients in Spain and key international markets.

Javier Daza, Director at Alantra, said: “This transaction marks a key milestone for Grupo Incarlopsa, delivering a comprehensive debt reorganization. Through a competitive process, we put in place a long-term and flexible capital structure that underpins the Group’s growth ambitions and reinforces liquidity and financial stability going forward.”

Javier García-Palencia, CEO of Alantra Investment Banking (Spain), said: “This mandate further strengthens Alantra’s track record in the Consumer Goods & Retail sector, particularly within the Iberian food industry, with this transaction marking Alantra’s twelfth completed deal in the Iberian food sector, following mandates with Grupo Sugal, Grupo Jorge, Natra, Grupo Siro, La Sirena, UVESCO, and Citri&Co, among others.”