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Saturday, April 13, 2024

Multi-law firm advice on sale of Cinven’s company Planasa to EW Group

Cinven was advised by Perez Llorca (Legal & Labour), KPMG (Financial), Deloitte (Tax) and EW Group was advised by KPMG (Financial and Tax), and Baker McKenzie (Legal and Labour). Label Investments was advised by Garrigues (Legal)

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International private equity firm Cinven today announces that it has agreed to sell Planasa, a global leader in the agri-tech sector, to strategic buyer EW Group, a family-owned international group with key businesses in genetics, health, diagnostics, nutrition and food. Financial details of the transaction are not disclosed.

International private equity firm Cinven today announces that it has agreed to sell Planasa (‘the Company’ or ‘the Group’), a global leader in the agri-tech sector, to strategic buyer EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food. Financial details of the transaction are not disclosed.

Headquartered in Valtierra, Spain, Planasa specialises in R&D for breeding next-generation berry varieties, including blueberries, blackberries, raspberries and strawberries, that better suit the needs of plant growers, retailers and consumers globally. Planasa provides access to its specialised plant varieties through its nursery operations, guaranteeing the provision of high-quality seedlings to plant growers. Planasa also provides ongoing technical support to customers, ensuring its varieties perform to the highest level. The Company has six R&D centres in Europe, Mexico and the US and has invested more than €25 million in R&D over the last five years. As a result, Planasa has a proven track record of new variety development. Planasa operates in more than 25 countries and supplies customers from its 13 nursery facilities across Europe, Africa, the Americas and Asia.Further international expansion to strengthen Planasa’s market positions globally, including expanding core berry categories in Mexico, Peru, China, the US and Morocco.

Commenting on the investment, Thilo Sautter, Partner at Cinven, said: “Cinven has successfully driven strong growth at Planasa by investing in the core business, expanding globally, significantly growing R&D and attracting a first-class management team. We have worked with management to transform the Group from a founder-led business to a leading global agri-tech operator. We are very proud of the success that the Company has achieved. Planasa is well-positioned to maintain its positive trajectory, and we wish the company success in its next stage of growth.”

Miguel Segura, Senior Principal at Cinven, added: “Cinven’s Iberia and Consumer teams worked together to help Planasa grow internationally, consolidate its leadership in the berry breeding category through expanding into blueberries and blackberries and take its systems and team to the next level.  It has been a successful partnership, and we are very happy to see that EW Group will continue to support that journey.”

The CEO of Planasa, Michael Brinkmann, said: “Cinven has provided huge support to Planasa over the past five years. With Cinven’s guidance and investment, we have professionalised our operations, expanded our international footprint and innovated our product range to become a global leader in our market. We would like to thank the Cinven team for their strategic perspective and financial backing, our employees for their dedication and commitment to our mission, and our clients, suppliers and other partners for their continued collaboration and trust placed in us. We look forward to working closely with our new owners and are sure that this partnership will enable us to push Planasa`s breeding activities to an even higher level.”

Dirk Wesjohann, EW Group commented: “The acquisition of Planasa will be a milestone for our family group, as it allows us to strategically expand our breeding activities into the area of plant breeding. EW Group has been looking for such an opportunity for years. We are convinced that Planasa, with its leading, innovative genetic varieties, its highly qualified and dedicated management team, and its unique global footprint, is the ideal platform for EW Group’s expansion into fruit and vegetable breeding.”

Completion of the transaction is subject to customary regulatory and antitrust approvals.

Cinven was advised by JPMorgan (M&A), BCG (Commercial), Perez-Llorca (Legal & Labour), KPMG (Financial), Deloitte (Tax) and Aon (Insurance).EW Group was advised by KPMG (Financial and Tax) and Baker McKenzie (Legal and Labour). Label Investments was advised by Escala Capital (M&A) and Garrigues (Legal). Pérez-Llorca’s Corporate team was formed by partners Francisco Iso, Pablo Hontoria, and Javier Bau, and lawyers Ana Ibarra and Jorge González.  

On the other hand, Baker McKenzie’s team was led by Corporate and M&A lawyers Mohammed Almarini (top left), Luis Casals (top centre), Luis Fuster (bottom left), Javier Méndez (bottom centre) and Pablo García (bottom right), who were supported by lawyers Jaime Martínez-Íñiguez (Tax), Margarita Fernández (Employment), Paloma Martínez-Lage (Antitrust) y Alba Anegon (Corporate / M&A).

KPMG Abogados provided Tax advice to EW Group with a team formed by David Pascual Izquierdo (left) and Pedro Triguero Bermúdez (right).

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