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November 9, 2020

PAI Partners buys majority of Spanish seafood group Angulas Aguinaga

Angulas Aguinaga, the Spain-based seafood group, has a new, private-equity, majority shareholder, it has been announced.

By Dean Best

Angulas Aguinaga, the Spain-based seafood group, has a new, private-equity, majority shareholder in the shape of PAI Partners.

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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.
by GlobalData
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Terms were not disclosed but the deal will leave PAI owning 51.1% of Angulas Aguinaga, which markets products under brands including Aguinamar and La Gula del Norte.

PAI’s investment in Angulas Aguinaga, announced today (9 November), came on the same day as the private-equity firm revealed it had also acquired two UK manufacturers of chilled-food products, Addo Food Group and Winterbotham Darby.

Angulas Aguinaga has been controlled by Spanish private-equity firm Portobello Capital since 2006. PAI said it had acquired its stake from Portobello and the founding family. Under the deal, Portobello and the founding family will reinvest in the company and continue to hold a combined 49.9% stake.

In 2019, Angulas Aguinaga generated a turnover of EUR220m (US$260m). At the start of this year, the company announced the purchase of a majority stake in Riunione Industrie Alimentari, a salmon business in Italy. Angulas Aguinaga is aiming to double that level of turnover by 2025.

A statement from PAI said the private-equity house will “contribute its extensive international resources and its long-standing experience in the food market to accelerate this new strategic business plan”.

PAI said it would look to “support the company in the reinforcement of its already well-known brands; in the expansion of its product offering through the launch of new categories; and in its commitment to internationalisation, with a focus on Italy and France”.

Ignacio Muñoz, the former Procter & Gamble executive who became CEO of Angulas Aguinaga in 2016, said the company was “very excited about the future that lies ahead”, arguing the investment from PAI would “help us activate a new phase in our development”

Muñoz added: “We are grateful that the current shareholders are also staying on board to accompany us on our growth path in the coming years.”

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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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