Another successful exit in Spain from several SF investors

The number of exits in Spain over the past 12 months has grown rapidly, demonstrating that this market is significantly consolidating and that the SF model is performing strongly, much like its counterpart in the U.S. Following successful exits such as Ctaima, Bike Ocasion, and Vozitel (with several more currently under negotiation), some investors in Cropfoods have exited the company with excellent returns—achieving approximately a 3x multiple in less than 26 months.

Crop Salsa was acquired by searchers Borja Bolívar and Josep María Casanovas in early 2022, with the backing of various investors, including Istria Capital, Alza Capital, Itaca Capital Partners, JB46, ONEtoONE Asset Management, Beka Finance, the Ruiz family, León Bartolomé, Cabiedes Inversiones, and others. At the time of acquisition, the company had a turnover of €12.1M and an EBITDA of €1.2M.

One year later, the company acquired Industrias del Bierzo, creating a new national leader in custom-made sauces. To continue the joint growth plan of both companies, the Cropfoods Group was founded—a commercial brand that integrates both companies’ operations. Under this name, they continue to produce their respective ranges of tailor-made sauces and culinary aids, available in refrigerated, frozen, and ambient formats, while maintaining a wide variety of packaging solutions to serve the foodservice, industrial, and retail channels.

With more than 200 employees, the group has increased its sales to over €30M, with EBITDA reaching approximately €6M. This exceptional growth has led management to plan the construction of a new factory and adopt an aggressive investment plan for the coming years. While some original investors decided to support this new phase—joined by a new group of family offices—most institutional investors opted to exit the company, realizing excellent returns in a very short timeframe.