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Products of the Isabel line, the main brand of Conservas Garavilla. (Photo: Conservas Garavilla)
Venture capital fund invests in Conservas Garavilla
SPAIN
Wednesday, July 21, 2010, 15:20 (GMT + 9)
Conservas Garavilla formalised an investment agreement with the venture capital fund MCH Private Equity. Under this agreement, MCH will control a significant stake in the capital of the canned fish company.
To carry-out this operation, MCH was advised AZ Capital and financial support from Deloitte, ERM, Willis and Astilleros de Murueta. The tax and legal advice was in the hands of Uria Menendez, Attest and the law firm Araoz y Rueda.
In recent years, the Group invested over EUR 100 million to upgrade its facilities and fleet. Conservas Garavilla closed 2009 with a turnover of EUR 240 million, 1 per cent more than in 2008.
The directors of the company intended to renew the canned market through product innovation through its brand Isabel and enhance international expansion through possible acquisitions. These objectives are part of Conservas Garavilla's Strategic Plan for 2010/2015, reports Europa Press.
According to the president of the cannery, Estanislao Garavilla, the company is "facing the challenge of leading the process of international consolidation of the industry, which has become much more apparent in recent years."
Meanwhile, Jaime Hernandez-Soto, founder of MCH, acknowledged that Garavilla made "a huge effort, and not only in manufacturing but also for research and development (R&D)."
It is "a reference company in both Spain and Latin America, and the best platform to lead the consolidation of the industry and face a new phase of international growth," said Hernandez-Soto.
One of the strategic measures of the Spanish canning firm is the launch and implementation of 'Naturfresh' by Isabel.
This new technology allows the development of new recipes that keep all the properties and flavour of ingredients naturally and without preservatives.
Garavilla developed a range of salads: heatable bowls (tuna casserole, rice with seafood, pasta with tuna and tomato) dishes (tuna steak, squid ink and onions, Galician octopus, etc.), And a child range (tuna burger, tuna sausage and meatballs).
Also, the new strategic plan focuses on empowering the Isabel project in South American markets and countries in Eastern Europe.
At present, Garavilla has four production plants in Mundaka (Vizcaya), El Grove (Pontevedra), Agadir (Morocco) and Manta (Ecuador).
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