Private equity firm Cinven has agreed to buy a majority stake in Planasa, a global berry supplier, for €450m (£397m) in an effort to capitalise on growth in health and wellness trends.
Headquartered in Spain, Planasa provides seeds, plants and research and development services to farmers and fresh produce to retailers around the world.
The company has more than 2,000 employees worldwide and produces from 12 sites across Europe, the Americas and Asia.
Cinven said Planasa had posted strong growth, generating double-digit annualised revenue and profit growth over the past five years. There is also potential for consolidation in the fragmented market - Planasa successfully bought and integrated three acquisitions in the past five years.
“We are fully aligned with the highly capable and experienced team at Planasa on our vision for the group and focused on creating a strong platform for further international growth," said Jorge Quemada, a partner at Cinven.
Chief executive of Planasa, Alexandre Darbonne, said:
We are delighted that Cinven is partnering with us to further internationalise and professionalise our operations, as well as enabling us to expand into new areas of business through continued investment in R&D.
The combination of its experienced team and consumer expertise makes them an excellent partner for the business. Planasa is set to benefit from significant growth in the coming years, both organically as well as through further add-on acquisitions, and we look forward to working with Cinven and benefiting from their expertise in these areas.