Alantra Private Equity Fund III has entered the shareholding of Surexport Compañía Agraria (“Surexport”) to boost the Company’s growth plan. The founding family will continue leading daily operations and executing the business plan.
Since its foundation in 1994 in Huelva (Spain), Surexport has been focused on supplying highquality berries to key European retailers, mainly in the UK, Germany, Central Europe, the Benelux and Spain.
As a way to differentiate itself from competitors and successfully consolidate its international footprint (international accounts for more than 80% of its revenues), Surexport has always been in constant search for new varieties to meet retailers’ and end-customers’ ever more strict demands (e.g. flavour & appearance, longer shelf-life, etc.) and new growing locations to secure all-year-round production
As a result, Surexport is today one of the largest independent berry producers in Europe, with a total turnover of approximately €190m, that stands out for its (i) comprehensive and highly differentiated product portfolio, with exclusive varieties in the four berry categories, (ii) longlasting and solid commercial relationships with top European food retailers, (iii) complementary production facilities in Spain, Portugal and Morocco, and (iv) best-in-class logistics and packing facilities, especially the fully automated premises recently inaugurated in Huelva.
Going forward, Surexport will benefit from the positive growth prospects for the berry industry, one of the fastest-growing categories in the Western European fruit and vegetable market, as higher consumption will be driven by healthier consumer habits and convenience trends (such as snacking and on-the-go consumption).
Surexport’s growth plan relies on strengthening its leadership position in top European retailers by increasing product availability to cope with year-round demand and reinforcing its differentiated portfolio of exclusive varieties. Additionally, Surexport aims to consolidate a recently launched fresh-cut fruit business for the national market, following the new investments deployed to develop a category that is experiencing high growth in other European markets
Alantra Private Equity's strategic and financial support will speed-up Surexport’s organic growth plan and will help to explore inorganic growth opportunities in a highly fragmented market with the aim to consolidate a global leader in the industry.
The Company’s CEO, Andrés Morales, and the rest of the management team will continue to lead the project, guaranteeing the business continuity and, most importantly, ensuring its future growth perspectives. Andrés Morales states that “with Alantra’s involvement and support we expect to accelerate our growth plan. From now on, we will have greater resources to simultaneously execute several organic and inorganic initiatives with the aim of becoming best partners with our clients by granting them an all-year-round supply and a best-in-class service”.
Bruno Delgado, partner at Alantra Private Equity, highlights: “We are really impressed by the Company’s track-record, market positioning, level of innovation and high-degree of professionalization. Following recent strong investment efforts, Surexport is indeed the best platform to build the European champion in the berry industry".
This new investment strengthens Alantra Private Equity's commitment to the food sector, where the fund holds investments in the different industries of the food chain, in companies such as Unión Martin, Monbake, Frías Nutrición and Hiperbaric.
The terms of the transaction by which Alantra Private Equity Fund III has entered in Surexport’s shareholding are confidential.
Advisors to Alantra Private Equity: Houlihan Lokey (M&A advisor), Hogan Lovells (legal), Bain & Company (commercial), KPMG (financial, tax, labour and legal due diligence) and ERM (ESG).
Advisors to sellers: Leal & Martín Economistas y Anaford Abogados (legal).
About Alantra Private Equity
Alantra Private Equity enjoys over 25 years of experience, having invested €1.4bn in more than 80 companies since inception. Alantra PE is specialized in investing in upper mid-market companies based in the Iberian Peninsula, with attractive growth and consolidation plans and a visible internationalization strategy.
About Alantra
Alantra is a global alternative asset management, investment banking, and credit portfolio advisory firm focusing on providing high value-added services to companies, families, and investors operating in the mid-market segment. The Group has over 540 professionals across Europe, the US, Latin America, and Asia.
In Alternative Asset Management, Alantra offers its clients unique access to a wide range of investment strategies (direct investments, fund of funds, co-investments, and secondaries) in seven highly specialized asset management classes (private equity, active funds, private debt, infrastructure, energy transition, real estate, and venture capital) as well as private wealth management services. As of September 30, 2020, assets under management in direct investments stood at €2.4bn, while funds raised since inception in funds of funds, co-investments and secondary funds stood at €11.0bn
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