Daily Newsletter

12 September 2023

Daily Newsletter

12 September 2023

Spanish olive oil major Innoliva in new private-equity hands

Cibus Capital has sold the business to fellow investor Fiera Comox.

Andy Coyne

Innoliva, one of Europe’s largest olive oil producers, has been sold by Cibus Capital to another private-equity firm, Fiera Comox.

London-based Cibus bought Spain-based Innoliva in 2018. The sale to the Canadian private-equity house was struck for an undisclosed sum.

Seville-headquartered Innoliva, founded in 2006, is a major producer of traditional and extra virgin olive oil, with 8,000 hectares of olive groves across Spain and Portugal.

It claims to have pioneered “super high-density planting techniques” which have propelled the business forward.

Rob Appleby, founder and CIO of Cibus, said: “Innoliva was the first buyout executed by Cibus Fund I. We engaged an excellent management team, which transformed a humdrum olive oil producer into a business that has produced excellent financial returns while espousing world-class sustainability practices.

“We are grateful to our stakeholders for their ongoing commitment to our strategy and to the new owners.”

He added: “We are confident that Fiera Comox and their expert agriculture investment team will continue to propel Innoliva forward as a first-class olive oil producer.”

Listing Innoliva’s achievements under Cibus’ ownership, Appleby pointed to it doubling its area footprint, which was 4,000 hectares when it bought the business, and diversifying the product offering to include table olives and almonds.

Just Food has asked Innoliva for its response. In a statement posted by Cibus Capital on LinkedIn, Innoliva CEO Jorge Pena said: “We are thankful to Cibus for its instrumental role in growing Innoliva and transforming it into a leading extra-virgin olive oil producer in Iberia and one of the largest producers of premium organic olive oil globally. We are thrilled to welcome Fiera Comox as our partner to continue with our growth strategy in the region.”

Just Food has asked Fiera Comox for its comments on the deal, outside of Canadian business hours.

The dairy and soy food sector will see rising demand for lactose-/gluten-free products

GlobalData estimates that the global dairy & soy food sector will grow at a CAGR of 17% during 2022–27. The healthy eating trend has encouraged consumers to seek alternatives to traditional dairy products. Plant-based dairy alternatives are often perceived as healthier due to their lower saturated fat content. Moreover, increasing awareness about food allergies and intolerances, coupled with consumers’ interest in alternative diets, will drive manufacturers to launch lactose- and gluten-free products.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close