Cleon Capital, an independent firm specialising in providing flexible capital solutions to small and medium-sized companies in Spain and Italy, has announced the sale of 100% of Hevo Group to Brazilian investor Ricardo Faría for approximately €120 million. This transaction marks a milestone in the growth of Hevo Group, a group that brings together poultry companies such as DAGU, Ous Roig, Granja Agas and Avícola Larrabe; and in which Cleon Capital investors held 90% of the shareholding.
Over the last 6 years, Cleon Capital has boosted Hevo's activity through a strategy of inorganic growth, investments in facilities and a commitment to talent in the management team. Thanks to this approach, Hevo's turnover increased from €50 million in 2018 to reach the €150 million that the company announced in the last financial year. Likewise, the group's EBITDA has grown from €8 million to €40 million during this period.
José Morán, Partner at Cleon Capital and former Vice President of Hevo Group, said: “Over the past six years, we have worked closely with the management team and shareholders of Hevo Group to build a leading group with a strong position in the laying poultry sector. Following the acquisition of four companies, investment in facilities, and strengthening of the management team, we believe this transaction shows the strength of our strategy and the potential we have managed to unlock. We firmly believe that Ricardo Faría is the ideal partner to lead Hevo’s next phase of growth, in collaboration with its management team, and will help the group reach new heights of success.”,
This transaction is Cleon Capital's second divestment from its portfolio of six companies. These companies, located in Spain and Italy, include Hevo Group and Algenex - already divested - as well as ABK Group, Labomar, Cocoon and Gias.
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