French agri-food business Fleury Michon has sold its entire stake in Spain venture Platos Tradicionales for €68m ($73m).

Spain-based Familia Martínez, which partnered with Fleury Michon in 2006 to make ready meals in Spain, has fully acquired the operation.

Both companies previously operated the Platos Tradicionales factory in Bunol near Valencia, which has around 700 employees. The 30,000-square-metre facility has 15 production lines.

Fleury Michon said in a statement: “Familia Martínez wishes to accelerate its development strategy, while Fleury Michon takes advantage of this operation to pursue its strategy of refocusing on its core business.

“This operation will enable the group to strengthen its financial structure, accelerate commercial development, brand support and food transition projects, maintain a high level of investment in the quality of its industrial tools and also concentrate on supporting its growth drivers.”

Platos Tradicionales produces gratin dishes, roasts, pasta and dishes, among others.

The French company turned over €836.2m ($895m) in its fiscal 2023, up from €794.8m.

Operating income jumped from €8.9m to €15.4m while net income rose from €2.4m in 2022 to €10.3m in 2023.

Last year, the agri-food business, which employs more than 3,500 people, sold a charcuterie factory in Bretagne after failing to sell the plant.

Fleury Michon at the time cited “economic difficulties” and “a regular drop in its volumes” over several years for its decision to sell the site in Plélan, which produces ready-to-eat charcuterie and pâté brand Charcuteries Cuisinées de Plélan.

In 2022, it offloaded Proconi, a ready-meals supplier in Slovenia. Eta, another ready-meals business in the central European country, acquired Proconi, which markets products under the Pogrej & Pojej brand.