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April 1, 2020

Controlling stake taken in Spanish seafood firm Nueva Pescanova by local bank Abanca

Nueva Pescanova, the Spanish seafood business, has seen a controlling stake in the business move across to a local bank.

By Leonie Barrie

Nueva Pescanova, the Spanish seafood business, has seen a controlling stake in the business move across to local bank Abanca.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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The bank has acquired an additional 39.8% of the company from Banco Sabadell and Caixabank, taking its stake in the Redondela-based business to 80.46%.

Over the last few years Abanca has gradually increased its shareholding in the Galician business from an initial 5.465% to 40.66% prior to this acquisition.

Unconfirmed local newspaper reports estimate that the price of the acquisition was EUR175m (US$192m).

Abanca’s plan includes beefing up the company’s financial structure and its main areas of corporate and commercial activity. To do this, it will “strengthen the best corporate governance practices and apply improvements in the field of management, all with the aim of strengthening its competitive position and promoting its growth”.

It will also search for an industrial partner for Nueva Pescanova that will allow it to “build a long-term value project”.

Abanca said it plans to return the company’s management to Galicia. Most of its recent board meetings had been held in Madrid.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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