OpCapita acquires La Sirena, Spain’s leading frozen food specialist

03 Nov OpCapita acquires La Sirena, Spain’s leading frozen food specialist

OpCapita Consumer Opportunities Fund LP (“the Fund”), advised by OpCapita LLP, the European private equity partnership, today announced the acquisition of La Sirena Alimentacion Congelada S.L.U., the leading frozen food retailer in Spain.

The Fund is acquiring the business from La Sirena’s existing owners, a group of managers backed by a consortium of banks that acquired their stake from 3i.

La Sirena operates 237 stores and holds market leading positions in Catalonia and Madrid. It operates a small size store format with shops located in city centres and commercial districts.

Stephen Alexander, operating partner at OpCapita, who will take up the role of Chairman of La Sirena following the acquisition, said: “We are excited to be adding La Sirena to our portfolio at a time of improving consumer confidence in Spain. La Sirena delivers a high quality offer to a loyal customer base through an efficient business model and competitive pricing. The group will benefit from a strengthened financial position following our investment, and we look forward to working closely with the current management team as they seek to grow the Company’s market leading position.”

Francesc Casabella, CEO of La Sirena, said: “We are very pleased to have secured the investment from OpCapita. Having them on board will strengthen La Sirena’s financial position, enabling us to execute our growth plans and fulfil our great potential. OpCapita has significant experience in the sector and we look forward to them joining us as we enter the next phase in our development.”

The acquisition represents the second investment for the Fund, which is dedicated to investing in the European retail and consumer sectors and has secured the backing of high quality European and U.S. institutional investors. This transaction follows the first investment for the Fund in November last year, the acquisition of NKD, the discount clothing retailer with 1,850 stores in Germany, Austria, Slovenia, Croatia and Italy.

The acquisition of La Sirena also represents OpCapita’s second investment in the Spanish market, following the 2012 acquisition of Game Iberia which later merged with Game Retail in the UK to form Game Digital. Game Digital floated on the London Stock Exchange in June 2014 at a price of 200p per share. The shares closed on Friday 31 October at 311p, up 55% since the flotation.

In this transaction, OpCapita was advised by Arcano Group, Beragua, Garrigues and EY. La Sirena was advised by 360 Corporate Finance, Linklaters and Deloitte.

The transaction is subject to final approval from the competition authorities. This is expected to be secured in the coming weeks.