Spanish investment fund MCH Private Equity and Ardian Co-Investment have acquired a majority stake in the food company Grupo Palacios de Alimentacion.
The fund will replace The Carlyle Group, through Carlyle Europe Partners IV, as majority shareholders of the business.
Shareholder and CEO of Grupo Palacios, Pedro Domínguez, commented, "We truly appreciate the confidence of MCH and Ardian in Palacios’ project. Our business will continue to grow organically, through constant innovation, specialisation, and internationalisation.
"In addition, we will keep looking for acquisitions to enrich our range of products, and meet the needs of our clients and consumers."
Products offered by Grupo Palacios include ready meals such as Spanish omelettes, refrigerated pizzas, and frozen desserts.
In 2018 the company posted a turnover of over €200 million, and currently employs more than 800 people.
The group operates four production plants in Spain, and one in Florida in the US.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.