MCH and SanLucar Fruit become shareholders in Llusar with the aim of boosting its growth plan

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Date: 26-Jan-2021

MCH and SanLucar Fruit become shareholders in Llusar with the aim of boosting its growth plan

Symborg
  • • Llusar is a leading family-owned premium citrus fruit company whose origins date back to the 1930s and which currently has a strong presence in the main European markets.

  • • The shareholder reinforcement will boost the group's organic and inorganic growth, accelerating the strategic plan based on the geographical diversification of production, as well as process improvements, in order to meet expected demand and optimise service to its customers.

  • • The founding family remains as shareholders and will continue to lead the company.


Madrid, 12 January 2021.- Funds managed by y MCH Private Equity (Iberian Capital Fund V and SOPEF) and SanLucar Fruit, a leading producer and marketer of fruit and vegetables, have taken a stake in Llusar, a leading premium citrus fruit company, to boost growth both domestically and internationally.


With more than 80 years of experience and headquarters in Chilches (Castellón), Llusar is dedicated to the production and marketing of premium oranges and mandarins. Its export activity began in the 1960s, initially focussing on France. Subsequently, its strategic alliance with SanLucar Fruit in Germany and Austria has allowed it to consolidate a company that currently generates sales of 63 million euros, 85% of which comes from export.


In this new phase, MCH and SanLucar together with the Llusar family aim to consolidate the company's organic and inorganic growth. This will strengthen support for its main clients, including SanLucar Fruit itself, which will be supported in its expansion plans.


The Llusar brothers will continue to manage the company, guaranteeing the continuity of the project, which stands out in the market for offering a top quality product all year round, with an excellent level of service. As a result of the agreement, Llusar reinforces its shareholding structure by incorporating strategic partners of recognised prestige who will be able to make new contributions to continue supporting the company's expansion plan.


In the words of Jorge Llusar, partner and CEO of the company, “we are very happy to be able to continue with the growth that our customers have been asking for. The entry of the new partners will strengthen the growth and the solidity of the company and will allow us to face great challenges in the future".


According to Stephan Rötzer, founder of SanLucar, "This investment is the culmination of almost 30 years of excellent work by Llusar and SanLucar in order to offer the highest quality citrus fruit to consumers and to meet market demand. The collaboration with Llusar has existed since the creation of SanLucar and both companies have grown together. The Llusar family is a master citrus grower and this is reflected in the high quality of the products they grow. We are very happy to be able to continue to grow together with Llusar and MCH, and we are convinced of the success of this collaboration."


According to José Manuel de Bartolomé, partner of MCH, "the investment in Llusar culminates the objectives we had set in the sector, as we have invested in a leading company that clearly stands out for the premium quality of the product supplied, and which has its own land that guarantees supply and quality standards for its customers. Furthermore, its partnership with SanLucar is a highly valuable growth lever for the coming years.”


Spain is the world leader in mandarin exports and the second in oranges, growing consistently over the years. It also presents interesting opportunities for consolidation given that the fresh produce category is strategic for large retail chains.


The advisors for MCH and SanLucar have been Norgestión (M&A), Garrigues (legal, Due diligence, fiscal y laboral), Roland Berger (commercial Due Diligence), Deloitte (Financial Due Diligence and ESG) and on the selling side Speed Out (M&A) and Anaford (legal).


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), the company is dedicated to the production and marketing of premium oranges and mandarins.


Since its creation, Llusar has focused on supplying oranges and mandarins of the highest quality. Its export activity began in the 1960s, initially focussing on France. Subsequently, its strategic alliance with SanLucar Fruit in Germany and Austria has allowed Llusar to consolidate a company that currently generates sales of 63 million euros, of which 85% comes from export.


Llusar has 1,200 of its own hectares, geographically diversified, guaranteeing compliance with the premium quality standards required by its clients as well as supply throughout the year. It currently has two citrus processing plants in Castellón, one in Chilches which has recently been remodelled and is equipped with the latest technology and the other in Villavieja.


About SanLucar


SanLucar, the premium fruit and vegetable brand, is a global company with locations in Spain, Germany, Austria, Italy, Tunisia, South Africa, Ecuador, Benelux and Dubai. The company, which was founded by Stephan Rötzer in 1993, currently employs around 3,400 people, most of them located in the company's farms and offices on four continents. With a range of more than 100 varieties of fruit and vegetables from more than 35 countries, SanLucar is the brand with the widest assortment on the market. Under the motto "Taste in harmony with people and nature", SanLucar operates responsibly on the global fruit and vegetable market. It is currently expanding into the Middle East and North Africa region, Russia and Canada.


About SOPEF


Spain Oman Private Equity Fund (SOPEF) was constituted in 2018 with the ultimate objective of supporting the international development of Spanish companies through the acquisition of temporary minority stakes. The fund’s investors are COFIDES, the Oman Investment Authority and count with a total capital commitment of 200 million euros. The fund is managed by MCH Private Equity Investments, one of the leading Iberian private equity firms focused on mid-sized companies.