GPF Capital has acquired Spanish lemon business Frugarva through its platform company dedicated to citrus fruit production, The Natural Fruit Company.
Following the transaction, Frugarva will be integrated into GPF’s citrus holding The Natural Fruit Company, creating a combined group with a turnover of more than €200 million.
Founded in Murcia in 1965, Frugarva is involved in the production, processing and distribution of lemons and pomegranates. With its 51,000 square-metre facilities, Frugarva serves more than 70,000 tons of fruit per year to its national and international customers.
The company reportedly has a turnover of more than €50 million per year, with exports representing more than 90% of this figure. GPF Capital says the merger will create Europe’s leading lemon exporter.
Frugarva’s founding and managing family will stay on with the business and will control a stake in The Natural Fruit Company.
Together, GPF Capital and the management teams of The Natural Fruit Company and Frugarva will continue to focus on expanding its products and services offered to its clients in Europe, as well as an international expansion.
A Frugarva spokesperson said: “We are thrilled to take this step and to have the opportunity to join an exciting and growing project such as The Natural Fruit Company.
“Together we are one of the undisputed leaders in the European citrus sector with production, distribution and service capacities that are unique in Europe. This commitment will help us to continue offering a top quality, tailor-made service to each one of our clients throughout the year.”
The bolt-on acquisition comes 11 months after GPF Capital integrated Fruxeresa and Frutas Naturales into The Natural Fruit Company. To date, The Natural Fruit Company has opened a logistics centre in France and has invested more than €25 million in a new plant in Valencia.
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