Spanish private equity firm Alantra Private Equity is preparing to sell Surexport, one of Europe's leading groups specializing in the production and marketing of berries, in a deal that could value the company at over €600 million. The process could begin after the summer, once the preparatory work initiated in recent weeks is completed, according to information published by Expansión.

The operation would represent one of the most significant corporate moves in recent years in the Spanish agri-food sector and would involve a company founded in Huelva that has become one of the leading European players in the business of... berries.

Founded in 1994, Surexport has built over the last three decades an internationally present group dedicated to the production, marketing and export of strawberries, raspberries, blueberries and blackberries. The company currently has cultivation areas in Spain, Portugal, the Netherlands, Peru and Morocco and supplies the main European distribution chains, with a clear export focus: between 75% and 80% of its turnover comes from international markets.

Alantra is exploring various strategic alternatives for its participation, including divestment, although the roadmap envisions the founding family maintaining both its shareholding and leadership of the business. Andrés Morales, founder and CEO since the company's inception, will continue to lead management in this new phase.

Six years of growth

The potential sale comes after an intense expansion process driven by Alantra's investment in Surexport in 2020. During this period, the company has practically doubled in size, reaching a turnover of nearly 400 million euros, compared to approximately half that figure at the time of the transaction.

This growth has been accompanied by significant investment. Over the past six years, Surexport has allocated approximately €200 million to boost its development, both through organic growth and through four acquisitions in Spain, Morocco, and the Netherlands, thereby strengthening its international position.

The company also maintains a highly diversified client portfolio. In Spain, Mercadona is its main client, although it only accounts for around 15% of the group's global sales, a figure that reflects the significant role of international business within its operations.

Refinancing to kick-start a new phase

The potential corporate transaction coincides with the recent refinancing of approximately €250 million of debt, an action aimed at extending maturities and improving the company's financial position. This transaction includes a €150 million loan earmarked for financing new investments that will accelerate the group's growth over the coming years.

Alantra entrusted ING with the financial advice to lead this refinancing, and the Dutch entity is also expected to coordinate the eventual sale process.

The report indicates that the necessary documentation to initiate the operation is practically complete and that the process would be primarily aimed at investors with a financial profile. Among the options Alantra is considering is the possibility of reinvesting in Surexport through a continuation fund, a strategy the asset manager already used this year to extend its investment in the genetic diagnostics company Health in Code.

A valuation above 600 million

The valuation of the operation exceeds 600 million euros, a figure supported by the evolution registered by the company in recent years and by forecasts that place the gross operating profit (EBITDA) of the current fiscal year —which will end on August 31— in a range of between 50 and 60 million euros.

If it finally goes to market under the aforementioned conditions, Surexport will face the largest corporate operation in its history and one of the most important ever undertaken by a company linked to the red fruit sector in Spain.