Spain’s JB Capital snaps up meat and pastry maker Palacios Alimentacion. Credit: Palacios Alimentacion

Spain-based investment firm JB Capital has led a consortium to buy a majority stake in local group Palacios Alimentacion from fellow investors MCH and Ardian.

Three other investors participated in the acquisition: Madrid-based investor Ion-Ion, asset manager Corporación Financiera Guadalmar and Label Investments.

JB Capital declined to comment on the financial terms of the deal but, in a statement, said the new partners will “support and accompany” Palacios Alimentacion’s management team. General manager Pedro Dominguez, who has led the ready-meal maker since 2005, will remain at the helm.

Based in Logroño in northern Spain, Palacios Alimentación makes ready meals, pastries, refrigerated pizzas, potato omelettes, chorizo and desserts.

The company, which generates a turnover of approximately €400m ($414.9m), has seven production sites in Spain, the US and the UK.

Rafael Garabito, managing director at JB Capital said: “Our priority as new shareholders of Palacios Alimentación will be to help the company’s management team in the implementation of its business plan with the aim of accelerating its growth and strengthening its leadership in the sector.”

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Spain-based investor MCH Private Equity and France’s Ardian Co-Investment acquired a majority stake in Palacios Alimentacion five years ago from private-equity giant Carlyle.

José María Muñoz, founding partner of the seller, MCH Capital, described their ownership as a “period that, despite the macroeconomic difficulties experienced, has been a stage of extraordinary development and consolidation, highlighting the expansion in products and markets that will be essential for its future”.

He added: “We hope that the team and its new shareholders continue with these successes in a company that is a true benchmark within the world of food.”