Disinvestments

– Index –
Investments | Disinvestments

Date: 06/04/2017
Category: Disinvestments

MIURA PRIVATE EQUITY SELLS GUZMAN GASTRONOMÍA TO BIDCORP.

The (private equity) firm Miura Private Equity has closed Guzman Gastronomía sale to the South African Bidcorp, the world leader in foodservice. The management team, led by Jordi Franch, Guzman Gastronomía CEO, will continue leading the company with 10% of the capital.

Since Miura entry in Guzman´s capital on 2011, the company has gone from sales of 34 million euros to exceed the €100 million planned for 2017.

Based in Mercabarna, Guzmán has become the leading national company in the fresh products distribution for Horeca channel, mainly fruits and vegetables. The company has achieved strong organic growth in recent years, accompanied by a strong acquisitions policy, having made seven since 2011, most notably Cutting’s in 2015.

Bidcorp is a multinational group based in Johannesburg, quoted on the South African stock exchange, with a market capitalisation of approximately 6,5 billion euros, which leads the international foodservice market with a turnover of more than €10 billion, spread between Europe, UK United Kingdom, Australia, Asia, Africa and Latin America.

Bidcorp’s entry into Guzman’s shareholding secures a long-term industrial partner, with an entrepreneurial approach that will allow Guzman to continue operating independently while maintaining its brands. Jordi Franch, Guzman’s Managing Director believes that “Bidcorp’s entry into the shareholders strengthens the company for the future growth project and provides knowledge that will allow us to offer an unsurpassed service to our clients”.

Guzman will be the platform through which Bidcorp will enter in Spain, with the aim of growing in Europe. The multinational has seen in Guzman an opportunity to penetrate into a high-level strategic market, foodservice, that currently produces revenues of €30 billion in Spain.

“This operation shows Guzman’s high strategic value, through its leadership in Spain foodservice sector, with a top management team and operations throughout the Iberian peninsula”, says Luis Seguí, President and Managing Partner of Miura.

The transaction was brokered by Sabadell Corporate Finance and advised by Bidcorp, by KPMG and Garrigues, and by Miura part, by E&Y and Baker & Mckenzie.

From La Boquería to national leader

Created in the 1930s by Leopoldo Guzmán, in the market of La Boqueria in Barcelona, ​​Guzman Gastronomía is a company with prestige that still maintains the commitment for the affection and for the quality that characterized its ancestors. Thanks to that, it counts among its gourmet clients with references of the restoration sector such as: El Celler de Can Roca, Tickets or Mugaritz.

One of the keys to Guzman’s success has been the acquisition of innovative and leading companies in the sector, that have allowed them to develop a fresh product distribution network to foodservice more capillary of Spain, in addition to incorporate new references to its offer and to allow entry In leading restoration chains in Spain, like Compass or Grupo Areas. An inorganic growth strategy that has been driven by Miura Private Equity, a venture capital company based in Barcelona that entered in Guzman’s shareholders in 2011, with one goal in mind: the market national consolidation for fresh product distribution in HORECA channel (Hotels, Restaurants, Cafes and Caterings), until that moment very fragmented.

Thus, and with the objective of adding complementary platforms to consolidate the market, in April 2012 Guzmán Gastronomía acquires Solé Graells, while in 2013 it acquires Ivorra and Eurobanan companies. By this time in 2014, they are made with Sergi Fruit and Fruites i Queviures del Vallès and in August 2015 acquired 100% of Cutting’s, creating the largest foodservice fresh group of products for the HORECA channel in Spain. With the most recent operation, Mundofruta in 2016, the company has consolidated its leadership in Madrid.

However, Guzmán Gastronomía has become the undisputed leader in Spain for the foodservice fruit and vegetables sector. The company already has a base of more than 4.000 customers and more than 130 routes through its seven distribution centers in Barcelona, ​​Madrid, Bilbao, Vitoria-Gasteiz, Ibiza, Seville and Alicante, providing a close service to the customer.

About Miura Private Equity 

Miura is a private equity firm based in Barcelona.  Its currently manages assets for a total of €300 million. The firm specializes on investing in small and medium-sized Spanish companies, with attractive plans for growth and consolidation, and with a clear international vocation. Since 2008, Miura has invested in 26 companies, with operations valued around €650 million.

Download (PDF 152Kb)
Share in social networks:

– Index –
Previous | Investments | Disinvestments | Next