Grupo Lusiaves, the Portuguese poultry producer, has expanded its presence in Spain with a majority stake in local peer Padesa.
The acquisition of the family-owned business was completed upon clearance from Spain’s competition regulator (CNMC).
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The size of the holding acquired and other financial terms were not disclosed.
The transaction saw Peruvian agri-food group Grupo Valora take a minority interest.
Padesa’s management stays with the Salvadó and Centelles families, who remain shareholders.
“In the year in which we mark four decades of history, this is the most significant step in our international expansion strategy. It is about joining forces with an organisation that shares our culture and our integrated approach to the value chain,” Grupo Lusiaves chairman Avelino Gaspar said.
In a statement, Grupo Lusiaves said Padesa’s addition “strengthens” its position in Iberian and European poultry-meat markets.
The purchase builds on the company’s acquisition last year of Spanish poultry producer Oblanca, which itself expanded through several purchases, including Spanish business Avícola Segoviana.
Founded in 1973, Padesa’s activities include feed manufacturing, egg production and chicken and turkey rearing, slaughtering, processing. It also sells fresh and value-added products under the Aldelís brand.
The company, headquartered in Tarragona in Catalonia, employs about 3,000 people. It and generates consolidated sales of more than €550m ($620.1m).
With the deal, Grupo Lusiaves employs about 9,000 people across Portugal, Spain, and France, with a turnover of approximately €1.5bn.
“We have found in Grupo Lusiaves the right partner for Padesa’s next phase of growth. The group’s scale and investment capacity will enable us to accelerate projects and take the Aldelís brand further,” Jordi Salvadó, the shareholder and CEO of Padesa, added.
