Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, announces that its portfolio company Sustainable Agro Solutions (“SAS Group”), a leading developer and producer of biostimulants, soil conditioners, defence activators and other specialty plant nutrition solutions for the agricultural sector, has acquired a majority stake in Agroquímica Codiagro (“Codiagro”), a distinguished Spanish producer of biostimulants, correctors, and other specialty plant nutrition solutions. Financial terms of the transaction have not been disclosed.
This transaction marks a further milestone in SAS Group’s strategic expansion, following the successful acquisitions of Biovert (June 2023), Pevesa Agroscience (December 2024), and Aqua do Brasil (September 2025). The acquisition of Codiagro will enable SAS to enhance its technological capabilities, complement its product offering, and strengthen its presence in Spain and other key international agricultural markets.
Stirling Square acquired a majority stake in SAS in July 2021 and has since supported the company to grow both organically – through R&D investments, product development and market expansion – and inorganically through strategic acquisitions. The acquisition of Codiagro builds on strong momentum in SAS’s strategy, as it finalises a substantial project to expand its facilities in Lleida, Spain, to meet growing customer demand and support the business’ future growth. With this acquisition SAS Group is getting closer to tripling both revenues and EBITDA, compared to the levels at the time of Stirling Square’s investment, achieved through organic growth and targeted biosolutions M&A.
Eduard Vallverdú, Chief Executive Officer of SAS Group, commented: “I am incredibly pleased to announce the acquisition of Codiagro, which represents another significant step forward in our strategy to build a global leader in agricultural biosolutions. With its deep knowledge of the sector, its experience in specialty fertilizers and phytonutrients, and its advanced production capabilities, Codiagro is exceptionally well positioned to continue its successful growth trajectory. In addition, this acquisition brings new formulations, such as concentrated suspensions, as well as additional packaging technologies, including Bag in Box, which complement and expand SAS Group’s formulation portfolio. This partnership will allow us to leverage our combined expertise and resources to deliver innovative and sustainable solutions to our customers worldwide. We look forward to working closely with the Codiagro team to accelerate growth and drive excellence across our expanded platform.”
Nieves Ruiz and Ricardo Pérez-Santamarina, spokespersons for Codiagro, stated: “We are honoured to join forces with SAS, an internationally recognised and respected business within the biosolutions sector. This partnership presents an exciting opportunity for Codiagro, which will continue to serve its customers as it has throughout its 50-year history, to accelerate its growth trajectory and expand its reach. We are confident that, together with SAS, we will continue to advance our commitment to innovation and sustainability, delivering greater value to our customers and stakeholders.”
Enrico Biale, Partner at Stirling Square Capital Partners, added: “We are pleased to support SAS in this strategic acquisition, which further demonstrates our commitment to driving both organic and inorganic growth. SAS remains ambitious and we continue to work closely with management to support their continued investment in research and development, product innovation, and market expansion. We are confident that the addition of Codiagro will reinforce SAS’s position as a market leader in biosolutions and drive sustainable, long-term value creation.”
Deloitte (corporate finance and due diligence) and Cuatrecasas advised SAS and Stirling Square. Codiagro was advised by Auren (corporate finance and legal) and KPMG (due diligence).
About Stirling Square Capital Partners
Stirling Square Capital Partners was founded in 2002 as a pan-European private equity firm specialised in internationalising and digitilising mid-market businesses with an enterprise value between EUR 100m and EUR 500m. The firm manages EUR 3.5bn on behalf of a global and diverse investor base. Since inception, Stirling Square has invested in 30+ platform companies and 100+ add-on acquisitions globally, helping to create regional and global champions. For more information, visit www.stirlingsquare.com.
About SAS Group
SAS is a group of companies whose objective is to lead the international market of biosolutions and plant nutrition products for the agricultural sector. Headquartered in Lleida (Spain), SAS is a global company present in more than 100 countries and with subsidiaries in different markets of interest. Its NOBA technology platform is a reference in the research of new solutions for agriculture. SAS Group is fully committed to sustainability, placing it at the heart of its business model.
About Codiagro
Codiagro is a company dedicated to the research and production of technically advanced agricultural solutions, primarily phytonutrients and biostimulants that are environmentally friendly. Its products address crop-related challenges by acting directly on plant physiology, helping to increase yields, improve crop quality, and extend the lifespan of plants. Headquartered in Vall d’Alba, Castellón (Spain), Codiagro markets its products in more than 30 countries around the world. The company is widely recognized for the effectiveness of its portfolio of more than 65 products, adapted to diverse crop conditions and needs, and for its expertise in flow formulations (concentrated suspensions) as well as its innovative Bag-in-Box packaging.
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