Acon Investments acquires Alsur
Alsur is a producer, processor and distributor of premium preserved and canned vegetables in Spain and the US
Acon Investment, a multinational equity firm based in Washington D.C., has acquired a majority stake in Sola de Antequera, the parent company of Alsur. The business operates as a producer, processor and distributor of premium preserved and canned vegetables in Spain and the US under the Alsur brand. The company also serves private label brands in partnership with some of the largest retailers in each country.
Founded in Spain by the Jiménez family of Antequera in 1988, the company subsequently developed production and processing capabilities in Peru to serve the US market. The Jiménez family, together with Mario Mustafá Aguinaga, the company´s business partner in Peru, will retain a significant minority stake in Alsur.
Alsur has long-standing relationships with top retailers and wholesalers across Spain and the US, with revenues divided equally between the two regions. Production and packaging facilities are located in Antequera (Spain) and in Arequipa and Cusco (Peru).
In Spain, the company has an extensive product portfolio led by baby broad beans, artichokes, asparagus and peppers, all sold in various formats. In Peru, Alsur is a major exporter of artichokes with an opportunity to develop new product lines using its existing land bank and processing facilities.
This transaction will integrate the various subsidiaries, which previously operated independently, into one multinational holding company.
Alsur looks to the future
Jorge Mañas has been appointed chief executive. He will lead the company with a focus on expanding its geographic footprint within Spain and at the same time continuing to drive US sales, where demand has continued to grow over the recent years.
Marcos Semmler, managing partner of Acon Southern Europe, commented: “We are looking forward to working closely with Jorge Mañas, Mario Mustafá and the Jiménez family to further expand Alsur’s value proposition of high-quality, innovative and easy-to-serve vegetable products for consumption in households across Europe and the United States, which are increasingly focused on healthy living.”
Mañas spent 15 years as the commercial director of the Ángel Camacho Group, one of Spain´s largest exporters of canned olives and fruit jams (La Vieja Fábrica). Previously, he held several key positions at Danone, Faccsa Group (branded meat) and Grupo Muela (olive oil). He has extensive experience throughout the branded foods value chain including product sourcing, brand development, distribution and sales, both domestic and export.
“José Jiménez and his family have built a legacy on very solid foundations that include the sourcing of premium high-quality products, a strong brand and long-standing relationships with loyal customers, all of which we intend to expand and enhance,” said Mañas. “I am very excited about joining Alsur and its shareholders to lead this company,” he concluded.
Acon’s Spanish portfolio
The acquisition of Alsur is consistent with Acon’s strategy of investing in medium-sized businesses in the US, Latin America and Europe; this will be the fourth investment that has leveraged its presence in Madrid. Acon’s Madrid-based team is managing and has deployed over €140 million since 2018.
Other Acon portfolio companies in Spain include Contenur, a manufacturer of large format containers for the waste management industry, and Germaine de Capuccini, a cosmetics brand that exports to 80 countries.
As part of this transaction, Acon has partnered with Quarza Inversiones, a Madrid-based private investment vehicle. Greenhill & Co. acted as the buy-side advisor and Hogan Lovells acted as legal counsel to Acon. The shareholders of Alsur were exclusively advised by BBVA, KPMG and Cuatrecasas.
Terms of the transaction were not disclosed.