Spain-based egg producer Hevo Group has a new majority owner in the shape of Brazilian investor Ricardo Fario.
He has taken over ownership of the business from Madrid-based Cleon Capital and other backers including Austria’s Yana Investment Partners.
Financial terms were not disclosed, although one Spanish media source suggested a transaction figure of €120m ($126.9m).
Fario is also a shareholder of one of the largest egg producers in Brazil, Granja Faria, which he founded.
In a statement issued today (13 November), Guadalajara-based Hevo said: “This strategic change strengthens the company's foundation, with the aim of enabling the group to achieve greater growth and quality while preserving its unique identity and values of each of the Hevo Group's brands.
“In this new stage, Hevo Group will maintain its vision focused on offering products of the highest quality and a clear commitment to animal welfare and sustainability.”
Founded in 2022, Hevo, said to be the second-largest egg producer in Spain, was established through the integration of existing companies in the sector, incorporating brands such as Dagu, Ous Roig and Granja Agas.
It has an annual production of more than 80 million dozen eggs, a workforce of nearly 500 people and “a fleet” of 3.8 million layers.
In August, Hevo expanded its domestic reach with the acquisition of Basque Country-based egg producer Avicola Larraabe.
Just Food has asked Cleon Capital for its comments on the transaction.
