Wessanen acquires Biogran, the leading manufacturer and distributor of organic brands in Spain
Wessanen and Nazca have signed an agreement for the acquisition of Biogran for a purchase consideration of €67 million on a cash and debt free basis. Closing is expected later today.
Over the last few years, Biogran has recorded strong growth in both Health Food Stores as well as in Grocery Trade in Spain. 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): "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".
Analyst and Investor call
On 05 December at 14.30 CET, an analyst & investor conference call will be hosted by Christophe Barnouin (CEO) and Ronald Merckx (CFO). You can dial in using the following telephone number: +31 (0) 20 703 8261 or toll free at 0800 023 1436 (please quote "Wessanen").
The press release and presentation are available for download at www.wessanen.com.
For more information
Ronald Merckx (CFO)
Phone +31 (0)20 3122 126
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wessanen via Globenewswire