Planasa sale underway says Cinven

British private equity fund Cinven is reportedly advancing steadily with the sale of Planasa, the Spanish berry business it acquired in 2017, in an operation that has been valued at between €1bn and €1.3bn.

Reports first emerged in September 2021 that Cinven planned to divest itself of the Spanish company and that managers had made preliminary contacts with other funds.

Last month El Economista reported that Cinven expected to receive the first indicative offers in June in order to close the divestment by August provided the schedule is met. Six funds are reportedly interested in bidding for Planasa.

The article reported that Jorge Quemada, who heads up Cinven’s Spanish team, has signed the law firm Pérez-Llorca as legal advisor for the competitive process, led by JP Morgan.

The delay is believed to be down to complications in completing a due diligence report, commissioned by Cinven, due to the fact that Planasa operates in more than 25 countries.

Analysts said financing an acquisition of this magnitude will not be easy either and will mark a milestone in the market after the slowdown and increase in the cost of large leveraged buyouts.

Planasa was established by the Darbonne family in 1973 when it joined forces with the Caja de Ahorros de Navarra to improve the latter’s asparagus cultivation. It gradually