Fleury Michon sells stake in Spanish Venture for US$73M

FRANCE – French agri-food company Fleury Michon has divested its entire interest in Platos Tradicionales, a ready-meal enterprise based in Spain, to its partner Familia Martínez for €68 million (US$73 million).

From beef items and ready-to-cook fish to ready-to-eat meals like pies and chicken with sauce, Fleury Michon offerings are incredibly varied.

The sale marks the end of a partnership that began in 2006, with both companies initially collaborating to produce ready meals at the Platos Tradicionales factory in Bunol, near Valencia. 

This state-of-the-art facility, which spans 30,000 square meters and operates 15 production lines, employs around 700 people.

In a recent statement, Fleury Michon highlighted the strategic motivations behind the transaction. 

“Familia Martínez aims to accelerate its development strategy, while Fleury Michon leverages this deal to concentrate on its primary business operations,” the company stated. 

Fleury Michon reported a robust fiscal performance for 2023, with revenues climbing to €836.2 million (US$895 million) from the previous year’s €794.8 million (US$853M). 

The sale of Platos Tradicionales is part of a broader strategic realignment for Fleury Michon. 

Last year, the company sold a charcuterie factory in Bretagne, citing “economic difficulties” and a consistent decline in production volumes as reasons for the decision. 

The Plélan plant, known for its ready-to-eat charcuterie and pâté under the Charcuteries Cuisinées de Plélan brand, faced several challenging years leading up to the sale.

Additionally, in 2022, Fleury Michon sold its Slovenian ready-meal supplier Proconi to Eta, another player in the ready-meal sector. 

Proconi’s products, marketed under the Pogrej & Pojej brand, have now been integrated into Eta’s portfolio.