Spanish food company Palacios Alimentación has acquired Grupo Ñaming, one of the country’s largest manufacturers of convenience food.
Palacios Alimentación – itself backed by private equity – has bought the business from European investors Green Arrow Capital and Unigrains.
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The deal comes just two years after Italy’s DeA Capital – the forerunner to Green Arrow Capital – acquired a majority stake in Ñaming from Spain’s Talde Private Equity.
Under the terms of the deal, Green Arrow Capital and Unigrains are selling up.
According to a statement issued by the now former investors, Ñaming CEO Jorge Miranda is to “significantly reinvest” and will continue to lead the sandwich maker’s management.
Miranda, a member of the founding family behind Ñaming, also reinvested in the company as part of the DeA Capital deal two years ago and remained a minority shareholder.
Miranda said today (3 July): “We are very grateful to Green Arrow Capital and Unigrains Iberia for the work carried out together during this phase, in which Ñaming has strengthened its market leadership, expanded its industrial capacity and continued developing new product categories. We are embarking on a new growth cycle alongside Palacios Alimentación with a very solid foundation and a clear ambition to continue growing.”
Based in Mallén in northern Spain, Ñaming employs more than 400 staff. Its product range also includes wraps, salads, desserts and smoothies.
Last year, Spain-based investment firm JB Capital led a consortium to buy a majority stake in Palacios Alimentacion from fellow investors MCH and Ardian.
Based in Logroño, also in northern Spain, Palacios Alimentación makes ready meals, pastries, refrigerated pizzas, potato omelettes, chorizo and desserts.
The company has five production sites in Spain, one in the US and another in the UK.
Just Food has approached Palacios Alimentación to comment on the deal.
The statement from Green Arrow Capital and Unigrains said the sale comes after a period of “strong growth” at Ñaming, although they did not provide figures.
Leopoldo Reaño, the MD of Green Arrow Capital’s private-equity practice in Spain, said: “The company’s growth during this period was underpinned by several key factors: the early identification of the strong growth potential of the on-the-go segment, driven by structural consumption trends; the addition of new clients; the development of new categories and products; and a determined commitment to industrial investment and increased production capacity.”
Álvaro Hernández, the CEO of Unigrains’ Iberian arm, added: “In Spain, the sandwich market is far less mature than in other European countries, which we perceived from the outset as an opportunity with strong development potential.”
