Palacios Group Acquires Spanish Manufacturer Fuenteaja
Palacios Group, owned by American private capital fund Carlyle, has acquired Fuenteaja, a manufacturer of pre-cooked meals.
As reported by eleconomista.es, the company is known in Spain for producing private label tortillas for Lidl and Aldi.
As well as that, the company also sells products in the likes of El Corte Inglés, Carrefour and Alcampo.
The transaction is believed to be around the €75 million mark and is still pending approval from the local competition authorities.
Fuenteaja is a family run business founded 25 years ago, which currently exports up to 30% of its production and has set a goal of increasing that to 70%. It employs 250 people between its two Spanish factories, one in Mundrián (Segovia) and the other in Parla (Madrid).
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Gabriela Guédez. To subscribe to ESM: The European Supermarket Magazine, click here.