Green Arrow Capital (“GAC” or the “Group”), one of the leading independent alternative investment firms in Italy and Europe with more than €8 billion in assets under management, and Unigrains Iberia, a subsidiary of Europe’s leading agri-food investor, announce the signing of an agreement for the sale of Ñaming, a Spanish leader in the production of sandwiches as well as other ready-to-eat meals, to Palacios Alimentación, a leading Spanish company in the ready-meal and baked goods sectors. The agreement, pending approval by the National Commission on Markets and Competition (CNMC), marks the first divestment by Green Arrow Capital and Unigrains Iberia in Spain and comes after a period of strong growth. The deal is expected to close in the third quarter of 2026.
Green Arrow Capital (which acquired and integrated DeA Capital Alternative Funds SGR in May 2026), management company of Taste of Italy 2 fund, had been the company’s majority shareholder since July 2024. Subsequently, in October 2024, Unigrains Iberia acquired a minority stake in Ñaming to support the expansion project.
As part of the agreement, GAC and Unigrains Iberia will sell their stakes in the company. Jorge Miranda, CEO of Ñaming, will increase his stake and continue to lead the company.
During the period of investment by GAC and Unigrains Iberia, Ñaming has recorded solid operational and financial growth. Revenue increased by nearly 50% to exceed €55 million. In addition, the company allocated nearly €10 million to expand production capacity at its plants in Mallén (Zaragoza) and Algete (Madrid).
Jorge Miranda, CEO of Ñaming, said: “We are very grateful to Green Arrow Capital and Unigrains Iberia for the work we have done together during this phase, in which Ñaming has strengthened its market leadership, expanded its manufacturing capacity, and continued to develop new product categories. We are entering a new phase of growth alongside Palacios Alimentación with a very solid foundation and a clear ambition to continue growing.”
Leopoldo Reaño, Private Equity Spain Managing Director at Green Arrow Capital, stated that “This agreement represents a significant milestone for Green Arrow Capital, as it is our first divestment in Spain. The company’s growth during this period has been driven by several key factors: the early identification of the strong growth potential of the on-the-go segment, driven by long-term consumer trends; the addition of new customers; expansion into new product categories; and a strong commitment to industrial investment and increased production capacity.”
Álvaro Hernández, CEO of Unigrains Iberia, commented: “Ñaming operates in an attractive sector with positive dynamics. In Spain, the sandwich market is much less mature than in other European countries, which we saw from the outset as an opportunity with strong growth potential. Furthermore, Ñaming’s leadership position and its mastery of the complex logistics of the cold chain have created barriers to entry that have allowed the company to continue fueling its organic growth. We are very proud to have supported Ñaming, a perfect example of Unigrains Iberia’s investment philosophy and our value-added approach.”
Founded in 1990 and located in Mallén (Zaragoza), Ñaming has established itself as the leader in Spain’s sandwich market, with sustained double-digit growth in recent years. Its diverse lineup of ready-to-eat products includes sandwiches, snacks, salads, wraps, yogurt, cut fruit, smoothies, and desserts.
The sellers were advised by PwC, acting as financial advisor for vendor due diligence (VDD), and by Eversheds, acting as legal advisor.
Green Arrow Capital
Green Arrow Capital (www.greenarrow-capital.com) is Italy’s leading independent group in the alternative investment sector and among the leading players in Europe, with €8 billion in assets under management. To date, more than 150 investors have invested in the Group’s funds (approximately 20% of whom are international), with nearly 90% represented by institutional investors (banks, sovereign wealth funds, funds of funds, banking foundations, pension funds and insurance companies). Green Arrow Capital was founded in 2012 by Eugenio de Blasio (major shareholder and Executive Chairman) and Daniele Camponeschi (Group CIO). The management team also includes Alessandro Di Michele (CEO of GAC AF SGR and Group General Manager) and Francesco Maria Giovannini (Partner and Deputy Chairman of the SGR), who oversees institutional relations. The Group operates across seven investment strategies – Private Equity, Energy & Digital Infrastructure, Private Credit, Opportunity Capital, NPL, Client Solutions and Real Estate – with 31 funds, seven client solutions products, and dedicated independent teams. The Group is currently fundraising in real estate through the Green Arrow Mi.To Fund and in private credit through Private Debt Fund III, alongside its second Infrastructure of the Future fund (“GAIF II”) and its fourth Private Equity fund (GAPEF IV Italian Champions), supporting outstanding SMEs.
Unigrains, an investment company specializing in the agri-food and agro-industry sectors, has been supporting companies for 60 years, providing their managers with tailor-made equity and quasi-equity financial solutions, as well as recognized sector expertise. Today, Unigrains manages €964 million, and is a partner to 80 companies, intervening at various stages of their development, notably during capital reorganization, strategic investments and external growth operations. For further information:www.unigrains.fr
Ñaming is the leading company in the production and distribution of B2B sandwiches and fresh, ready-to-eat meals prepared daily for consumption in Spain—a sector that has gained popularity, especially in large urban centers and gas stations, thanks to its quality, convenience, and price. The company, which holds the most stringent global food safety certification (IFS Food), stands out for its focus on innovation, consistently and proactively offering new products to its customers. It currently has 12 regional offices and nearly 40 in-house delivery routes throughout the country. More information: https://www.n-aming.es
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During the period of investment by GAC and Unigrains Iberia, Ñaming h...
