The investment fund ProA Capital has initiated the sale process of Moyca, a seedless grape producer, with Deutsche Bank acting as the advisor for the transaction. The initial valuation for this transaction is estimated at 400 million euros. ProA Capital acquired Moyca in 2016 for around 200 million euros. The fund, led by Fernando Ortiz, owns about 50% of the capital, while the rest is held by the company's chairman, Enrique Moya (around 15%) and the founders, the Cánovas family (over 30%).
With a turnover of 144 million euros in 2021 and a net profit of 5 million euros, Moyca has achieved significant growth, with an estimated EBITDA of 25 million euros in 2023. These results have raised the company's valuation to about 400 million euros.
The fund aims for the divestment of this asset throughout this year. To this end, it has hired Deutsche Bank's investment bank to manage the process. Potential interested parties are already being sought.
The agricultural sector, especially the areas related to biotechnology and new crops, has caught the attention of large private equity funds. Several medium-sized private equity funds in Spain are expected to consider the acquisition of Moyca, following the precedent of investments in similar companies, such as EQT's investment in SNFL and the purchase of The Natural Fruit Company by GPF from Freeman Capital.
The possibility of an offer for Moyca being made by other companies in the agricultural sector seeking to strengthen their position in the table grape market is also not ruled out. Moyca, with a workforce of 3,000 employees and 2,200 hectares cultivated, produces more than 54 varieties of seedless grapes and allocates 70% of its production to exports, with the United Kingdom as its main international market.
Source: cincodias.elpais.com