Information on the Target

Ñaming, founded in 1990 and based in Mallén (Zaragoza), has established itself as a leading producer of sandwiches and ready-to-eat meals in Spain. The company has experienced consistent double-digit growth in recent years, offering a diverse catalog of ready-to-eat products that includes sandwiches, snacks, salads, wraps, yogurt, cut fruit, smoothies, and desserts. With a turnover exceeding 40 million euros and a workforce of 350 employees, Ñaming is poised to launch a new product range as part of its strategy to diversify its offerings while emphasizing innovation and service excellence.

The group is certified by IFS Food at its two facilities in Mallén and Madrid, producing more than 200,000 units daily while adhering to the highest standards of quality and safety.

Industry Overview in Spain

The Spanish food industry is a vibrant sector characterized by a strong demand for convenience foods, which is reflected in the growth of ready-to-eat meal producers like Ñaming. Over recent years, there has been a significant shift in consumer preferences towards quick, healthy, and easily accessible food options, fueled by changing lifestyles and an increase in dual-income households.

Moreover, as the food retail landscape evolves, the demand for innovative food products continues to rise. This trend has led companies in the sector to focus on product development, strategic partnerships, and expanding distribution channels to capture a growing market share.

The ready-to-eat segment is particularly dynamic, with substantial investments being directed towards enhancing operational efficiencies and supply chain management. Emerging health trends, along with the increasing popularity of on-the-go meals, are driving manufacturers to rethink their offerings and invest in new product lines.

Spain's food industry is not only a critical part of its economy but also a potential hub for international trade, thanks to its geographic positioning and expanding export capabilities. This presents a unique opportunity for players within the sector to scale their operations and meet international standards, further solidifying Spain's position in the global food marketplace.

The Rationale Behind the Deal

The acquisition of a minority stake in Ñaming by Unigrains Iberia is strategically aimed at leveraging the company's expertise in the agro-food sector. This partnership is expected to enhance Ñaming's growth trajectory through organic development, innovation, and expanded distribution channels. Unigrains Iberia plans to provide substantial financial resources and a robust network of commercial partners across Europe, fostering synergies that will benefit Ñaming’s operations and strategic initiatives.

Led by CEO Jorge Miranda, Ñaming aims to capitalize on this partnership to sustain its upward growth and further penetrate the ready-to-eat segment of the market. This investment aligns with Unigrains Iberia's broader objective to inject between 80 and 100 million euros into small and medium-sized enterprises in the Spanish and Portuguese agro-food sectors over the next five years.

Information About the Investor

Unigrains Iberia is the Spanish subsidiary of Unigrains, an investment firm specializing in the agro-food and agri-industrial sectors. Established in 1963, Unigrains has built a reputation for supporting businesses with tailor-made equity and quasi-equity financial solutions. With a current portfolio managing 964 million euros, Unigrains is engaged as a partner with over 80 companies, assisting them during various stages of development, particularly during capital restructuring, strategic investments, and external growth operations.

Unigrains Iberia, a reliable long-term investor in Spanish and Portuguese agro-food companies, emphasizes collaboration with management teams to foster growth through external and organic development, internationalization, or equity transitions.

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This investment in Ñaming appears to be a well-timed and strategic move for Unigrains Iberia. Given Ñaming's robust position in the growing ready-to-eat segment of the food industry, the potential for growth and innovation in collaboration with an established investor is significant. The company's commitment to developing new product lines and expanding its market reach aligns perfectly with Unigrains Iberia's investment objectives.

The partnership is supported by the expertise of DeA Capital Alternative Funds, which brings additional industry insights and resources to the table. Both investors share a profound understanding of the ready-to-eat products segment, ensuring that Ñaming will benefit from their collective experience and strategic vision.

Overall, this investment can be deemed a good opportunity as Ñaming is set to strengthen its market leadership while bolstering its operational capabilities with the support of Unigrains Iberia's extensive network and resources. This alignment of goals suggests that the partnership holds the promise of driving significant growth and innovation.

However, ongoing market dynamics must be monitored closely, and both investors will need to remain agile in adapting to consumer trends and preferences as they evolve. If executed effectively, this partnership is likely to yield fruitful results for all parties involved.

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