A group of Basque investors might be interested in buying the Elmubas Petfood Group in Azpeitia
According to EiTB, the negotiations are well advanced and it is possible that in the short term the company will remain in the hands of a group of investors in the Basque Country for around EUR 300 or 400 million.
The facade of Elmubas Petfood Group in Azpeitia.
A group of Basque investors could be interested in buying the Elmubas Petfood Group in Azpeitia (Gipuzkoa), a European leader in pet food and currently in the hands of a fund.
It's a company that's about half a century old and was founded by a family in Azpeitia under the name Bastida Pentsuak and in 2019 it was acquired by the investment fund Portobello, which now wants to sell it.
According to EiTB, a group of Basque investors would be willing to buy the company and negotiations are well advanced. The company has grown a lot in recent years and the sale could close at 300-400 million euros , twice as much as Portobello paid.
Elmubas Petfood Group hasabout 200 employees and facilities covering about 28,000 square meters. They produce feed for dogs and cats, especially white brands. The product is marketed by large chains such as Eroski, Carrefour or Alcampo, and more than half are exported abroad.
The outcome of the negotiations will be clarified in the coming weeks.
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