Nazca Capital has acquired Spain-based Herbex, a provider of fresh aromatic herbs. No financial terms were disclosed.
Madrid, October 11th,2018.- Herbex, the European leader in the fresh aromatic herbs market, has given ownership to Nazca Capital, one of the leading private equity funds in Spain focused on medium-sized Spanish family businesses. Jaime Visquert, founder and CEO of Herbex, who will maintain a significant shareholding and will continue to lead the company’s management team, will rely on Nazca’s experience in international growth projects to consolidate the company’s development. Part of the Nazca investment includes a capital injection to finance Herbex’s growth plan.
In this new stage, Herbex considers as priority objective to double the turnover in four years, consolidating the strong growth that the company is experiencing in its traditional markets, as well as increasing its penetration in new markets and channels, for which Herbex plans to invest in expanding the production capacity, optimize its production processes, develop new products (eg ecological, exotic fruits and vegetables) and expand its management team.
Herbex, founded by Jaime Visquert in 1984, is the European leader in the fresh aromatic herbs market. In the 2017/18 campaign, Herbex obtained a turnover of €47 million, of which more than 75% was generated outside of Spain. In the last four years, the company has recorded double-digit growth driven by the increase in demand and the ability of Herbex to capture market share, thanks to its wide offer of high-quality product and constant service capacity throughout year.
Herbex has a wide product catalogue including all the families of fresh aromatic herbs that it sells in different formats and grammages to adapt to its customers’ needs. Their products are ready between 24h and 48h after being harvested to be sent to their customers in 26 countries across Europe. Its customers include the main food distribution areas and Foodservice channel groups, for which the company has all its certifications.
Herbex, based in El Ejido (Almería, Spain), harvests its products in more than 700 hectares spread over six locations in Morocco, the southeast of the Iberian Peninsula and Tenerife (Canary Islands), which allows the company to have high quality product availability throughout the year.
The advisers of the selling party have been Zechman Capital and Deloitte, while Nazca they were Pérez-Llorca and EY.
Nazca is a Private Equity fund management company, specialized in the Spanish mid-market. Nazca leads its market segment, both by volume of deals and by profitability of its investments. Since 2001 Nazca has invested the entirety of Funds I, II and III with a respective size of €100, €150 and €230 million, having accomplished 62 transactions: 26 direct investments in companies, 17 additional acquisitions through participated companies and 19 divestments.
Nazca currently manages fund Nazca IV with a total commitment of €275 million provided by international institutional investors. Herbex represents Nazca IV’s fund third investment. Nazca’s portfolio is comprised by 7 firms: Grupo OM (visual merchandising), Gestair (private aviation), FoodBox (retail food), Distribuciones Juan Luna (food), Caiba (PET packaging), McBath (cast marble shower trays) and Phibo (implantology and prostheses). Nazca has divested from: Svenson, Rodilla, Dibaq, Unipost, Vinartis, Lizarrán, El Derecho, Guzmán, Acens, Hedonai, Elogos, Fritta, Autor, IMOncology, Logifrío, Agromillora, El Granero Integral and Eurekakids. www.nazca.es