Oquendo Capital becomes the majority shareholder through a capital increase as company’s enters next phase of strategic plan
Spanish organics specialist HaciendasBio has announced the successful completion of its financial restructuring and appointment of Teo Barredo as its new CEO.
Oquendo Capital has increased its stake in the company and becomes the majority shareholder, while a debt restructuring gives it the financial stability to carry out the next phase of its strategic growth plan, launched two years ago.
The plan involves the consolidation of HaciendasBio’s main products – stonefruit and vegetables – grown in Badajoz, Seville, Almería and Zaragoza, along with the development of new products such as platerinas (flat peaches) and table grapes. At the same time the company is seeking to open new markets like the Nordic countries and the UK.
Barredo commented: “the capital increase and the reorganisation of our liabilities gives us the financial stability necessary to continue cultivating the sustainable future that we seek. We want to continue leading the organic production of vegetables and stonefruit under the principles of biodynamic agriculture.
“In particular, we will promote horticultural crops in Almería, complying with the highest quality standards and having the most demanding certifications, while we will continue with sustained growth in new products that are having great acceptance, such as flat peaches and table grapes.”
Barredo has previously held senior positions in a number of multinational companies, including Pepsi and British American Tobacco, as well as leading Spanish companies like Pascual and Gonzalez Byass.
“Through his analytical, leadership and strategic vision skills, he has led projects that required profound changes to existing structures and strategic focus. He is an EGB professor with a specialty in Sciences at the University of Deusto and has completed several master’s degrees, such as the International Marketing Program and ADECA on the Agri-Food Industry,” HaciendasBio said.
Alfonso Erhardt, founding partner of Oquendo Capital, stated: “we are proud to accompany HaciendasBio in this fundamental moment for its growth, which we believe will help the company to reach its maximum potential.
“We reiterate our commitment to its strategic plan and we believe that the company now has a solid financial position to continue innovating and leading the European market for organic fruits and vegetables”.
HaciendasBio is on course to achieve a turnover of €30m in 2023, in line with its results for 2022. The company owns more than 1,400ha of organic-certified production, employs more than 2,100 people and exports to the main European supermarkets, Germany and Switzerland being its main markets.
Oquendo Capital is a fund with experience in the agri-food sector and with an important commitment to sustainability. It has the BCorp international sustainability seal and currently has investments in companies in the agricultural sector such as The Natural Fruit Company, Agrupapulpí, Alsur, or Surexport.