Llusar and Naranjas Torres join forces to form Spain's largest premium citrus group

Imagen news

Date: 07-Oct-2021

Llusar and Naranjas Torres join forces to form Spain's largest premium citrus group

  • • Llusar and Naranjas Torres have reached an agreement to form one of the main citrus industrial groups, focused on premium and branded products with a national and international presence.

  • • The resulting group has a turnover of more than 130M€ and a total of 100,000 tons of fruit marketed per year.

  • • The operation allows optimizing the implementation of important production and logistic synergies to strengthen the company in the national and international markets.

Valencia, October 5, 2021 - Llusar a leading premium citrus company, and Naranjas Torres,a company specializing in high-end and quality citrus, have reached an agreement to integrate and create the largest Spanish premium citrus group, with a joint turnover of more than 130M€ per year. The union of both companies represents a total of around 100,000 tons of marketed fruit per year, produced in more than 45,000 square meters of facilities divided between Almenara and Chilches, in the province of Castellón, in the Valencian Community.

Although both companies will continue to operate independently, the main objective of this operation is to generate important synergies, especially in logistics and production. Llusar's main business is focused on the export of premium mandarins (85% of Llusar's revenues come from its export activity). Naranjas Torres' business is mainly focused on the commercialization of premium branded oranges in Spain (around 66% of the activity) and mandarins (33%).

In addition, the union of both companies will allow the group to strongly face some of the main challenges of the sector, which requires, among other aspects, a larger size of the operators to be able to invest in the cultivation of differential varieties or in technology for the production processes and innovations in order to differentiate the product at an international level.

This operation is part of Llusar's consolidation plan at the national and international level and of both organic and inorganic growth that the company started at the beginning of 2021 after the incorporation of MCH Private Equity and SanLucar Fruit to its shareholding.

Llusar's advisors have been Norgestión (M&A), Anaford (legal, legal, tax and labour due diligence) and Deloitte (financial due diligence). On the selling side, Martí Solá (M&A and legal) and Quáter Abogados (legal) advised.

About Naranjas Torres:

Founded in the 1960s, although its origins date back to the 1940s, the company is headquartered in Almenara (Castellón) and focuses its activity on the marketing of premium fruit, mainly oranges and mandarins.

Naranjas Torres specializes in high-end, quality citrus fruits, marketed under its own brand, a reference in the national market for the flavour and freshness of its products. It has branches in the main wholesale markets in Spain, Barcelona, Madrid, Bilbao and Zaragoza and a significant presence in large-scale distribution with its own brand.

In 2020 the company launched TORRES BIO, a clear commitment to the organic fruit market, which has its own stand in BIOMARKET (Barcelona).

About Llusar:

Its origins date back to the 30s of the last century being, the current company, created later in the 60s by Antonio Llusar Forner, with headquarters in Chilches (Castellón).

Since its creation, Llusar has been focused on the supply of oranges and mandarins of the highest quality. Its export activity began in the 1960s, initially focused on France. Subsequently, its strategic alliance with SanLucar Fruit in Germany and Austria has allowed the consolidation of a company in which exports now represent more than 85% of its total turnover.

Llusar has 1,200 geographically diversified hectares of its own, which guarantee compliance with the premium quality standards required by its customers, as well as year-round supply. The company currently has two citrus processing plants in Castellón; the one located in Chilches, which has been recently remodelled and is equipped with the latest technology, and a second one located in Villavieja.