Spain’s Alba takes EUR 100 million stake in Grupo Profand
Madrid, Spain-based Corporación Financiera Alba SA is to invest EUR 100 million (USD 118.1 million) in Profand Fishing Holding, which will give the company a 23.71 percent stake in the capital of the Galician fishing group.
Established in 1986, Alba is part of the family-owned March Group. To date, its investments have mainly focused on Spanish incorporated companies. Deloitte and Baltar Abogados advised Profand on the deal, while Banca March and Gómez-Acebo and Pombo advised Alba on the transaction.
“The company’s aim is to invest long-term in listed and unlisted companies in various sectors of the economy which stand out as leaders in their own sectors, with solid management teams as well as profitable and sustainable growth models,” the firm said in its release. “Alba is joining this project having been attracted by Profand’s solid business model, high potential for growth worldwide, and excellent management team, which will continue to lead the company.”
Profand, which sells its products into more than 50 countries, has grown steadily over the last decade through the development of new products and solutions, opening new markets, and through strategic investments. It operates a 22-vessel fishing fleet, a dozen processing factories located in a number of countries, and employs some 2,500 people.
Through the agreement with Alba, Profand intends to accelerate its investment plan and international expansion, the company said in a press release.
In 2018, Profand acquired Boston, Massachusetts, U.S.A.-based Stavis Seafood.
Photo courtesy of Instituto de Investigaciónes Mariñas