Spanish food business Grupo Alimentario Citrus (GAC) has completed the acquisition of local vegetable grower Agromediterranea, in which it already held a 34% stake.
Valencia-based GAC – which supplies fresh produce and owns the baby food brands Alnut and Byba – has held a stake in Murcia’s Agromediterranea since 2014. It said it wants to increase the efficiency of its partner companies.
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Agromediterranea is made up of six producers – Espace Tecno Agrícola, Agrotek, Agrícola Sierra de María, Horticultura Industrial, Promociones Guillot and Siembra Vida. The GAC deal has seen Espace Tecno Agrícola absorb the other five producers.
Agromediterránea is a supplier to the supermarket chain Mercadona. It has more than 20 crop estates and 5.000 hectares of crop fields spread over the counties of Valencia, Alicante, Murcia, Almería, Albacete, Granada and Tenerife,
GAC bought the outstanding 66% stake in Agromediterranea from a group of producers and family members.
The financial details have not been disclosed.
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By GlobalDataGAC – a group owned by entrepreneur Joaquin Ballester – has six production plants and ten farms and employs 1,250 people.
