Agrupapulpi, a Spain-based fruit and vegetables supplier, has agreed to investment from local private-equity firm Magnum Capital.
The buy-out house confirmed to just-food it had acquired a majority stake in Agrupapulpi but declined to comment further. Financial terms were not disclosed.
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Family business Agrupapulpi grows and supplies products including lettuce, broccoli and watermelon. It has more than 2,000 hectares of growing areas in the Spanish provinces of Almeria, Granada and Murcia.
The company, set up in 1981, employs more than 1,200 staff and supplies supermarkets throughout Europe.
According to the Magnum Capital website, the private-equity firm’s portfolio does not at present include any other food companies.
However, previous investments have included flavours producer Iberchem.
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By GlobalDataMagnum Capital “generally targets equity investments of EUR40-100m (US$44.3-110.8m), although larger or smaller investments may be selectively considered”, its website reads.
Spain is the world’s largest exporter of lettuce and the biggest shipper in Europe of watermelon.
