Unigrains, the France-based agri-food investor, has set its sights on backing another business in Iberia next year, following the recent establishment of an office in Madrid.
Since 2017, the investor, actively seeking opportunities beyond its domestic market, has invested €50 million ($54.9 million) in transactions with companies in the Iberian region.
Last year, Unigrains entered into a deal, becoming a minority shareholder in the Spain-based meat group La Finca, with the transaction also involving the private-equity firm Capza.
According to a spokesperson from Unigrains, the establishment of the new Iberian office is a key element of the firm’s “international development ambition.”
He said, “The Madrid-based subsidiary operates exactly on the same model as the Italian subsidiary we launched last year.
“Unigrains Iberia will aim to invest €80-100m over five years in Spanish and Portuguese companies across the agri-food sector, directly from Unigrains’ equity capital. The creation of Unigrains Iberia indicates a significant step-up in and a long-term commitment to Spain and Portugal with the ambition to be a direct investor – as we are historically in France – with a local investment team.”
Unigrains’ transactions in Italy have involved acquiring interests in the seafood supplier Urbis Food and several bakery businesses currently operating under the Vivaldi Group. Upon the establishment of Unigrains Italia, the investor disclosed a comparable budget of €80-100 million over a five-year period.
The latest food-related transaction in France for the investor occurred last year, involving the acquisition of shares in the oil producer Huilerie Cauvin. This week, the company made an investment in the French wine distributor Elan.
The spokesperson added Unigrains “would be delighted” to complete a first investment via the new Iberia subsidiary in 2024.
“Obviously, it’s dependent on many different factors and there’s not particular urgency. This is a long-term project,” he said.
Unigrains has hired former Portobello Capital executive Álvaro Hernández López-Quesada to lead the new subsidiary.
