Private equity firm Cinven has acquired a majority stake in Planasa, an agri-food business, for €450 million.
Planasa is based in Spain and provides seeds, plants and research and development services to farmers as well as providing fresh produce to retailers across the world.
It has a particularly strong presence in the berry market and has a proven track record of developing high quality breeds, such as the Adelita Raspberry.
Planasa has a strong track record of financial performance, with double-digit annualised revenue and profit growth over the past five years. It has 2,080 employees worldwide and supplies customers from its 12 production sites in Europe, the Americas and Asia.
Alexandre Darbonne, Planasa’s CEO and current owner, will continue to hold a significant shareholding in the company.
Jorge Quemada, Partner at Cinven, said: “Having mapped the Iberian market closely, we proactively identified Planasa together with our Consumer team, given its focus on the health and wellness sector. Our Iberian team was able to build a good relationship with Planasa’s owner and CEO to execute this primary investment. 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.”
Alexandre Darbonne, CEO of Planasa, added: “Planasa grows proprietary varieties of species, particularly berries, from its own production sites located across EMEA, Asia and the Americas; we have a world class R&D function, as well as facilities for growing, packaging and distributing our products. 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.”