Spain’s Encarna acquires Setas Vallondo as it expands beyond premium beef

SPAIN – Spanish meat processor Encarna has acquired Setas Vallondo, a mushroom supplier based in La Rioja, as part of its efforts to expand beyond premium beef.

Encarna, which operates brands such as Casa de Vacas and La Finca, is backed by private equity firm Capza and is diversifying its product range through acquisitions.

Capza, the pan-European private-equity firm that took a majority stake in Encarna in 2022, stated that the purchase aligns with its strategy to develop the company as a premium food producer beyond the beef sector.

Capza did not disclose financial details of the transaction and declined to provide additional comments.

Setas Vallondo, operating from Autol in northern Spain, cultivates several mushroom varieties, including shiitake, oyster mushrooms, eryngii, and lion’s mane.

The deal was facilitated by Deale, a digital M&A platform based in Barcelona, which worked with both parties throughout the transaction.

In a statement, Deale highlighted that acquiring Setas Vallondo will allow Encarna to expand its product range, strengthen its premium brands, and explore opportunities for international growth.

The transaction also ensures the generational transition of Setas Vallondo, with the second generation of the founding family set to continue running the business.

Capza initially acquired La Finca alongside French investment firm Unigrains and Argentinian family office Cantomi.

Despite the change in ownership, the Jiménez Barbero family, who established the beef processing company two decades ago, has remained in charge of Encarna’s operations.

Spain currently holds around 1% of the global edible mushroom market, generating approximately US$591.5 million in revenue in 2023.

Market projections indicate that Spain’s mushroom industry could reach US$1,092.2 million by 2030, making it one of the fastest-growing mushroom markets in Europe.

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