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ACON Investments Acquires Sola de Antequera

1 August 2020

ACON Investments has completed the acquisition of a majority stake in Sola de Antequera, a producer, processor, and distributor of premium preserved and canned vegetables. The amount of the transaction was undisclosed.

(Press Release) ACON Investments, L.L.C. and its affiliates (“ACON”) have completed the acquisition of a majority stake in Sola de Antequera S.A. (“Alsur” or the “Company”). Alsur is a producer, processor and distributor of premium preserved and canned vegetables in Spain and the United States under the “Alsur” brand and private label brands in partnership with some of the largest retailers in each country. Founded in Spain by the Jimenez Family of Antequera in 1988, the Company subsequently developed production and processing capabilities in Peru to serve the U.S. market. Alsur has longstanding relationships with top retailers and wholesalers across Spain and the U.S., with revenues divided equally between the two regions. The Company’s production and packaging facilities are located in Antequera (Spain), Arequipa (Peru) and Cusco (Peru).

This transaction will integrate the various subsidiaries of the Company, which previously operated independently, into one multinational holding company. The Jiménez Family, together with Mario Mustafá Aguinaga, the Company’s business partner in Peru, will retain a significant minority stake in Alsur.

The future strategy of the Company will focus on expanding its geographic footprint within Spain and at the same time continuing to drive sales into the U.S., where demand has continued to grow over the recent years. In Spain, the Company has an extensive product portfolio led by baby broad beans, artichokes, asparagus and peppers, all sold in various formats. In Peru, Alsur is one of the leading exporters of artichokes with an opportunity to develop new product lines using its existing land bank and processing facilities.

The Company’s strategy will be led by Jorge Mañas Avisbal, CEO, who joined the Company in connection with ACON´s acquisition. Prior to joining Alsur, Mr. Mañas spent 15 years as the Commercial Director of the Ángel Camacho Group, one of Spain’s largest exporters of canned olives and fruit jams (La Vieja Fábrica). Previously, Mr. Mañas held several key positions at Danone, Faccsa Group (branded meat) and Grupo Muela (olive oil). Mr. Mañas has extensive experience throughout the branded foods value chain including product sourcing, brand development, distribution and sales, both domestic and export.

Mr. Mañas highlights, “Mr. José Jiménez and his family have built a legacy on very solid foundations that include the sourcing of premium high-quality products, a strong brand and long-standing relationships with loyal customers; all of which we intend to expand and enhance. I am very excited about joining Alsur and its shareholders to lead this Company.”

Mr. Marcos Semmler, Managing Partner of ACON Southern Europe, commented, “We are looking forward to working closely with Jorge Mañas, Mario Mustafá and the Jiménez Family to further expand Alsur’s value proposition of high-quality, innovative and easy-to-serve vegetable products for consumption in households across Europe and the United States, which are increasingly focused on healthy living.”

Consistent with ACON’s strategy of investing in medium-sized businesses in the United States, Latin America and Europe, this will be the fourth investment that has leveraged its presence in Madrid. ACON’s Madrid-based team is managing and has deployed over €140 million since 2018. Other ACON portfolio companies in Spain include Contenur, a manufacturer of large format containers for the waste management industry, and Germaine de Capuccini, a leading cosmetics brand that exports to 80 countries.

As part of this transaction, ACON has partnered with Quarza Inversiones, a Madrid-based private investment vehicle. Greenhill & Co. acted as the buy-side advisor. Hogan Lovells acted as legal counsel to ACON. The shareholders of Alsur were exclusively advised by BBVA as M&A advisor, KPMG and Cuatrecasas, as legal counsel.

Terms of the transaction were not disclosed.

About the Equity Sponsor
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. Founded in 1996, ACON has responsibility for managing approximately $5.6 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo and Bogotá. For more information, visit