Aceitunas Guadalquivir, the Spain-based olive supplier, has accepted investment from Alantra Private Equity.
Financial terms were not disclosed. Aceitunas Guadalquivir, better known as Agolives, will see its founding family and the rest of its management team “retain a significant stake” in the business, Alantra said.
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Asked what size stake Alantra has bought in Agolives, the private-equity firm declines to comment. Alantra’s website says its private-equity fund typically focuses on majority stakes.
Set up in 1962, Sevilla-based Agolives generated EUR130m (US$150.4m) in net revenues in 2020, with more than 60% coming from international markets. The company is present in more than 60 countries.
In a statement, Alantra said its investment will “accelerate the implementation of a new business plan to support organic growth, while allowing Agolives to explore inorganic growth opportunities within a global fragmented sector mostly comprised of medium-sized and family-owned companies”.
Francisco Escalante, Agolives’ CEO, said: “We are confident that with Alantra’s support, we will have the resources and expertise needed to grow our business, enhance our offering and expand our geographic footprint.”
Mariano Moreno, a partner at Alantra Private Equity, added: “The story of Francisco and his family, their ability to innovate and grow internationally, and the excellent product and service they offer, make Agolives a company with the potential to become the global leader in the table olive market.”
Alantra’s assets in the Spanish food sector include berry group Surexport and dairy-alternative drinks supplier Frías Nutrición.
