Tikehau Capital, the global alternative asset management group, today announces the acquisition of a controlling stake in Juan Navarro García (“JNG”), a leading processor and distributor of paprika and oleoresins, internationally recognised for its product quality, safety and traceability. Queka Real Partners (“Queka”) and JNG’s management team will invest alongside Tikehau Capital in the transaction to further support the company’s growth and international development.
Founded in Murcia in 1865, JNG has a long-established track record in the sourcing, processing and distribution of high-quality spices. The company produces natural ingredients used for flavouring and colouring food products. JNG specialises in capsicum, primarily paprika, oleoresins and cayenne. With a global client network, the company has positioned itself as a strategic partner to blenders, mixers and food producers, strengthened by its ability to provide clear product traceability and its commitment to follow sustainability practices. JNG currently employs over 30 professionals and has facilities that specialise in the processing and packaging of capsicum products. The company has experienced significant growth in recent years and consolidated its presence in key markets, driven by its commitment to deliver high-quality product and service, and its capacity for innovation. In this new chapter, Tikehau Capital, together with Queka Real Partners, which is also investing capital in the new deal, will work with JNG’s CEO, Juan Luis Martinez, and his management team to provide operational and strategic support to further accelerate the company’s international expansion and strengthen its position as a leading sustainable and responsible player in the industry.
Tikehau Capital strengthens commitment to regenerative agriculture with second investment for its dedicated private equity strategy.
The investment will be made through Tikehau Capital’s private equity strategy dedicated to regenerative agriculture. Developed in partnership with Unilever and AXA, the strategy aims to accelerate the paradigm shift towards a more resilient and sustainable agri-food sector by supporting leading companies that help preserve natural resources and prioritise sustainability.
This marks the second investment for the strategy dedicated to regenerative agriculture. In September 2023, Tikehau Capital invested in Biobest (now Biofirst), a globally recognised leader in pollination and integrated biological pest and disease control. This investment took place in the context of Biobest’s acquisition of Biotrop, a Brazilian company specialising in biological solutions for crop nutrition and protection in open fields.
David Martin, Co-Head of the Private Equity Regenerative Agriculture Strategy and Co-Head of Tikehau Capital Iberia and Laurent-David Charbit, Co-Head of the Private Equity Regenerative Agriculture Strategy at Tikehau Capital, said: "JNG has an impressive track record and strong potential for future growth. We are pleased to partner with Juan Luis and his team in this new chapter, bringing our experience and investment expertise to support the company’s continued expansion and strengthen its market positioning. JNG has been at the forefront of sustainable sourcing and remains committed to embedding regenerative agriculture principles throughout its value chain. We look forward to working together to drive this transition forward.”
Fernando Elio, Managing Partner of Queka Real Partners, said: “We are delighted to have supported the Martinez Gimenez family over the past three years, and to have been a part of the already impressive growth of the business to-date. We are looking forward to further strengthening our partnership and seeing the business continue to succeed through this new investment from our second fund.”
Juan Luis Martinez, CEO of JNG, stated: “We are excited to have partnered with Tikehau Capital and are confident that their experience and support will help us continue consolidating our position as a reference player in the global sustainable paprika industry. This investment is a testament to our commitment to sustainability and our heritage."
About Tikehau Capital
Tikehau Capital is a global alternative asset management Group with €49.6 billion of assets under management (at 31 December 2024). Tikehau Capital has developed a wide range of expertise across four asset classes (credit, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high-quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.2 billion of shareholders’ equity at 31 December 2024), the Group invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 747 employees (at 31 December 2024) across its 17 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.
Since opening its Madrid office in 2017, Tikehau Capital has played a pivotal role in shaping the investment landscape across Iberia. Under the leadership of David Martín and Christian Rouquerol, Co-heads of Tikehau Capital in Iberia, the Group’s Iberian operations have expanded to include 18 professionals (as of 28 February 2025). The team focuses on sustainable, long-term investments in strategic sectors such as private equity, credit and real estate, along with a dedicated local fundraising team.
About Queka Real Partners
Queka Real Partners (“Queka”) is a Spanish private equity firm focused on the Iberian lower-middle market. Since its inception in 2018, the firm has closed eight transactions across a diverse range of industries including education, cosmetics, food ingredients and software, and currently has over €330 million in assets under management. Predominantly focused on a proprietary sourcing model, Queka aims to partner with dynamic management teams to accelerate growth within already robust businesses. Queka defines the lower-middle market as businesses that generate between €2 million and €5 million of EBITDA, a section of the market that the team believes is underserved and offers attractive opportunities to add significant value. The team builds value through multiple avenues, which include building efficiencies into existing processes, driving growth through strategic new initiatives and executing buy & build strategies. With over 140 years of combined prior experience partnering with businesses in Spain, the Madrid-based team of nine investment professionals brings extensive knowledge from both operational and investment backgrounds, a combination that is highly valued by founders and management teams.
About JNG
Juan Navarro García is a leading producer and distributor of natural spices and condiments. With a history spanning more than 150 years, the company has established itself as a benchmark in quality, traceability and sustainability within the food sector. Its products reach customers in more than 40 countries, backed by advanced technologies and strict quality controls.
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