Urkabe Benetan and Ameztoi have merged to create a Spanish cooked-meals business with combined revenues of more than €40m ($45.3m).
Financial terms of the transaction, which will see Ameztoi incorporated into investor-backed Urkabe Benetan, were not disclosed in a joint statement.
Go deeper with GlobalData
The merger aims to diversify the product portfolios across both the retail and hospitality sectors and “boost” international growth, Stellum Capital, the private-equity firm backing Urkabe Benetan, said.
Agustín del Canto and Enrique Rioja, CEO and president of Urkabe Benetan, respectively, said the merger “strengthens our position in the market and allows us to grow and face new challenges”.
Under the agreement, Zestoa, Gipuzkoa-based Ameztoi’s family owners will become shareholders in Urkabe Benetan and will continue to lead the business.
Post-merger, the companies will employ 150 people across two production plants.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataUrkabe Benetan operates in the retail frozen food sector under its own brand, with croquettes as its flagship product.
It also produces and distributes cured meats and refrigerated pre-cooked foods under the Urkabe brand.
Ameztoi, with more than 30 years of operations, has a presence in the national hospitality industry and has expanded commercially into new regions. Its range includes croquettes, desserts, lasagnas, stuffed peppers, and salads.
The company is expected to bring its “capacity for innovation and product development” to the enlarged business, according to Stellum Capital.
Ameztoi CEO Iñigo Ameztoi said: “Urkabe Benetan will be able to leverage Ameztoi so that both companies can develop their joint growth plan, as well as expand their international presence, while remaining leaders in terms of product quality and their commitment to innovation and the development of new dishes.”
He added that the “fundamental pillar” for reaching these goals lies in enhancing Ameztoi’s workforce and expanding its manufacturing facility.
In 2024, Stellum Capital acquired a 31.5% stake in Urkabe Benetan through its food-focused investment vehicle, Stellum Food & Tech.
The investor said its backing “facilitated the merger” with Ameztoi.
David Martínez, a director of Stellum Food &Tech, said: “This merger represents the creation of a business group that will lead the pre-cooked food sector in Spain, addressing future challenges with an expanded offering and a clear focus on innovation, product development, and operational efficiency.”
