US-based private equity firm Acon Investments has bought a majority stake in Sola de Antequera (Alsur), a Spanish producer and distributor of preserved and canned vegetables, for an undisclosed sum.
Founded in 1988, Alsur produces and distributes preserved vegetables such as peppers and artichokes in Spain and the US under the Alsur brand and private label brands, in partnership with retailers.
The company’s production and packaging facilities are located in Antequera (Spain), Arequipa (Peru) and Cusco (Peru).
With its acquisition, Acon intends to focus on expanding Alsur’s geographic footprint in Spain, continue to drive its sales in the US, as well as develop new product lines.
Following the transaction, the various subsidiaries of the company which previously operated independently will be integrated into one multinational holding company.
As part of the deal, Acon partnered with Quarza Inversiones, a Madrid-based private investment vehicle. The founders of Alsur, the Jiménez Family, and Mario Mustafá Aguinaga, the company’s business partner in Peru, will retain a significant minority stake in Alsur.
The acquisition marks Acon’s fourth investment that has leveraged its presence in Madrid and Alsur will join its other portfolio companies in Spain such as Contenur, a manufacturer of large format containers for the waste management industry.
Marcos Semmler, managing partner of Acon Southern Europe, said: “We are looking forward to working closely with Jorge Mañas, Mario Mustafá and the Jiménez Family to further expand Alsur’s value proposition of high-quality, innovative and easy-to-serve vegetable products for consumption in households across Europe and the United States, which are increasingly focused on healthy living.”
In connection with Acon’s acquisition, Jorge Mañas Avisbal has been appointed CEO of Alsur. Prior to joining Alsur, Mañas spent 15 years as the commercial director of the Ángel Camacho Group, a Spanish exporter of canned olives and fruit jams, and has also held senior positions at Danone and Grupo Mueal.
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