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Wessanen buys Spanish organic food company
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In December last year Wessanen and Nazca have signed an agreement for the acquisition of Biogran a manufacturer and distributor of organic brands in Spain for a purchase consideration of €67 millions.
According to a Wessanen press release, Biogran has recorded strong growth in both Health Food Stores as well as in Grocery Trade in Spain over the last few years. In 2015, net revenue amounted to €27 million. In 2016, net revenue is expected to grow to €32 million with an EBITDA margin of close to 17%.
Biogran owns the leading organic brand in Spain, El Granero and has very successfully extended into the Grocery Trade with its Ecocesta brand. Main product categories are ambient organic/natural food such as cereals and rice cakes.
Christophe Barnouin, CEO of Wessanen said: "The acquisition of Biogran broadens our geographic footprint and is a further step in the execution of our strategy and vision of becoming the leader of organic and sustainable food in Europe.We are very pleased to welcome Biogran to the Wessanen family of leading organic and sustainable food companies. Biogran gives us broad access to the growth potential in one of the most dynamic countries in the European organic market: the Spanish organic market has grown at double digit rates over the last few years. The acquisition of Biogran represents a major growth opportunity for Wessanen to develop our business in the country".