Surexport Compañía Agraria, a fruit grower backed by investors, has expanded its portfolio in the fresh berries segment through three recent acquisitions. The Huelva, Spain-based company acquired local peer Flor de Doñana, AG Group in Morocco, and Portugal’s Solana Fruits, with support from private-equity investors. The deals were facilitated by Alantra Private Equity, which acquired a majority interest in Surexport in 2020, along with co-investors Keyhaven Capital Partners and Oquendo Capital.
These strategic acquisitions will strengthen Surexport’s position as a leader in the fragmented industry of fresh berries. They will enhance the company’s production capabilities, complement its product offering, and ensure all-year-round availability for top European retailers. With operations in Spain, Portugal, and Morocco, Surexport has established relationships with major European food retailers and efficient logistics and processing capabilities.
In the financial year 2022-23, the combined revenues of these acquisitions reached €220m ($233.9m). Alantra expects the company’s revenues to reach €300m in the next three years. The specific financial terms of the transactions were not disclosed.
Ángel Manotas, a managing director at Alantra, emphasized the importance of inorganic growth for Surexport to become the largest European producer of fresh berries. The partnership with Keyhaven and other co-investors aims to support Surexport’s consolidation strategy in the sector.
The global berries and fruit sector has recently experienced significant M&A activity. For instance, Frutura Produce acquired Sun Belle in the US and Giddings Fruit in Chile. Planasa took full control of its Chinese blueberry subsidiary, while fruit growers and suppliers Grupo Clasol and Cooperativa San Alfonso merged in Spain. These industry developments highlight the dynamic nature of the food and beverage market.
As the industry continues to evolve, it is crucial for companies to stay informed about food and beverage industry trends and consumer preferences. Building strong partnerships, expanding production capabilities, and maintaining product availability are key factors for success in this competitive market.
