Subscribe to unlock this article
Thanks for your support.
In December 2016, Nuño Arroyo, founder of N Capital (established in 2014), acquired Cermer, the world’s leading manufacturer of ceramic food packaging. The company was a pioneer in providing ceramic packaging solutions to various segments of the food industry. Its clients included manufacturers of yogurt, ice cream, ready meals, dips, desserts, and other products.
As he explained to us in an interview last year, his strategic goal was to position Cermer as the global reference brand for ceramic food packaging, while expanding its international market presence (with over 85% of sales generated outside Spain, from Australia to the U.S. West Coast). On the operational side, he established a new production plant in record time, implemented new business processes, and introduced a lean-based management system to support growth. In the early years, he successfully shifted the company’s culture to focus on customers and data, redefined the organizational structure with clear roles and responsibilities, revamped the leadership model, developed new markets such as North America, and began the company’s digital transformation.
At the time of acquisition, Cermer employed around 75 people, generated €9M in revenue, and had an EBITDA of approximately €2M. Nuño managed to increase sales by 40% and improve free cash flow by 50% within the first three years (2017–2019).
However, after these initial years of success, the company faced significant challenges. First, the Covid pandemic severely impacted sales. Then came the EU Green Deal, which disrupted the packaging industry, followed in 2022 by rising transportation costs and the energy crisis. In 2023, Cermer reported revenues of €11.4M (down 15% versus the previous year) and an EBITDA of just €0.3M (compared to €1.4 million in 2022).
Due to these difficult years, the company was forced to file with the commercial court to open a formal period for negotiating a financial restructuring with its creditors. Following a new capital increase, Oquendo Capital, who had already financed the company with €5M in 2022, acquired 100% ownership of Cermer.
Oquendo has announced an ambitious five-year strategic plan focused on consolidating Cermer’s international leadership. The company is strengthening its commercial network in key markets and exploring new opportunities in regions with growing demand for sustainable and differentiated packaging. Raúl Graña has been appointed as the new CEO. With over 25 years of experience in the packaging industry and a track record leading international projects across Spain, France, Germany, Italy, Russia, Mexico, Chile, Brazil, Canada, and the United States, Graña brings a global perspective and strong expertise in managing expansion and market entry strategies.
Cermer expects to sustain its growth trajectory, leveraging both the trust of its international customers and the global trend towards reusable and sustainable packaging. According to Raúl Graña, the company, currently employing around 100 people, will continue investing in innovation and product development to meet the demands of the world’s most advanced markets.
This outcome is likely not what Nuño envisioned ten years ago when he embarked on his SF journey. As he told us in last year’s interview, “Not everything is as rosy as business schools may portray. Management and day-to-day operations are very challenging.” He has proven himself to be an exceptional searcher, and we wish him the best of luck in his next venture.
