OpCapita Consumer Opportunities Fund LP has recently acquired La Sirena Alimentacion Congelada S.L.U., the leading frozen food retailer in Spain. The Fund is acquiring the business from La Sirena’s existing owners, a group of managers backed by a consortium of banks that acquired their stake from 3i.
La Sirena operates 237 stores and holds market leading positions in Catalonia and Madrid. It operates a small size store format with shops located in city centres and commercial districts.
Stephen Alexander, operating partner at OpCapita, who will take up the role of Chairman of La Sirena following the acquisition, said: “We are excited to be adding La Sirena to our portfolio at a time of improving consumer confidence in Spain. La Sirena delivers a high quality offer to a loyal customer base through an efficient business model and competitive pricing. The group will benefit from a strengthened financial position following our investment, and we look forward to working closely with the current management team as they seek to grow the Company’s market leading position.”
Francesc Casabella, CEO of La Sirena, said: “We are very pleased to have secured the investment from OpCapita. Having them on board will strengthen La Sirena’s financial position, enabling us to execute our growth plans and fulfil our great potential. OpCapita has significant experience in the sector and we look forward to them joining us as we enter the next phase in our development.”
The transaction is subject to final approval from the competition authorities. This is expected to be secured in the coming weeks.