Surexport opens-up its shareholding to Alantra Private Equity to accelerate its growth plan and become the leading player in the European berry industry
Date 10 December 2020
Type Alternative Asset Management
- Surexport is a leading and fully integrated Spanish producer of strawberries, blueberries, raspberries, and blackberries (“berries”). The company has a diversified geographical footprint, with more than 80% of its revenues coming from international markets and growing facilities in Spain, Morocco, and Portugal
- Its growth plan relies on increasing all-year-round product availability by adding new locations, aiming to supply leading European retailers with high-quality and exclusive berry varieties
- Alantra Private Equity’s strategic and financial support to speed-up Surexport’s organic growth plan and explore inorganic growth opportunities in a highly fragmented market
Madrid, 10 December 2020 – Alantra Private Equity Fund III has entered the shareholding of Surexport Compañía Agraria (“Surexport”) to boost the Company’s growth plan. The founding family will continue leading daily operations and executing the business plan.
Since its foundation in 1994 in Huelva (Spain), Surexport has been focused on supplying high-quality berries to key European retailers, mainly in the UK, Germany, Central Europe, the Benelux and Spain.
As a way to differentiate itself from competitors and successfully consolidate its international footprint (international accounts for more than 80% of its revenues), Surexport has always been in constant search for new varieties to meet retailers’ and end-customers’ ever more strict demands (e.g. flavour & appearance, longer shelf-life, etc.) and new growing locations to secure all-year-round production.
As a result, Surexport is today one of the largest independent berry producers in Europe, with a total turnover of approximately €190m, that stands out for its (i) comprehensive and highly differentiated product portfolio, with exclusive varieties in the four berry categories, (ii) long-lasting and solid commercial relationships with top European food retailers, (iii) complementary production facilities in Spain, Portugal and Morocco, and (iv) best-in-class logistics and packing facilities, especially the fully automated premises recently inaugurated in Huelva.
Going forward, Surexport will benefit from the positive growth prospects for the berry industry, one of the fastest-growing categories in the Western European fruit and vegetable market, as higher consumption will be driven by healthier consumer habits and convenience trends (such as snacking and on-the-go consumption).
Surexport’s growth plan relies on strengthening its leadership position in top European retailers by increasing product availability to cope with year-round demand and reinforcing its differentiated portfolio of exclusive varieties. Additionally, Surexport aims to consolidate a recently launched fresh-cut fruit business for the national market, following the new investments deployed to develop a category that is experiencing high growth in other European markets.
Alantra Private Equity‘s strategic and financial support will speed-up Surexport’s organic growth plan and will help to explore inorganic growth opportunities in a highly fragmented market with the aim to consolidate a global leader in the industry.
The Company’s CEO, Andrés Morales, and the rest of the management team will continue to lead the project, guaranteeing the business continuity and, most importantly, ensuring its future growth perspectives. Andrés Morales states that “with Alantra’s involvement and support we expect to accelerate our growth plan. From now on, we will have greater resources to simultaneously execute several organic and inorganic initiatives with the aim of becoming best partners with our clients by granting them an all-year-round supply and a best-in-class service”.
Bruno Delgado, partner at Alantra Private Equity, highlights: “We are really impressed by the Company’s track-record, market positioning, level of innovation and high-degree of professionalization. Following recent strong investment efforts, Surexport is indeed the best platform to build the European champion in the berry industry”.
This new investment strengthens Alantra Private Equity’s commitment to the food sector, where the fund holds investments in the different industries of the food chain, in companies such as Unión Martin, Monbake, Frías Nutrición and Hiperbaric.
The terms of the transaction by which Alantra Private Equity Fund III has entered in Surexport’s shareholding are confidential.
Advisors to Alantra Private Equity: Houlihan Lokey (M&A advisor), Hogan Lovells (legal), Bain & Company (commercial), KPMG (financial, tax, labour and legal due diligence) and ERM (ESG).
Advisors to sellers: Leal & Martín Economistas y Anaford Abogados (legal).