An alliance between Uvesco's management and a consortium of Basque investors is preparing to acquire 70% of the food distribution group's capital, currently held by the French private equity fund PAI Partners. The deal, which according to the Spanish press, could exceed 700 million euro, aims to ensure the future of the group and to maintain its roots in Basque Country, avoiding possible acquisitions by large external operators.
Uvesco, owner of the signs BM Supermarkets e Super Amara, takes over 7.000 Guests and represents one of the leading distribution companies in northern Spain. The initiative is led by CEO Angel Jareño and by five executives of the group, who intend to maintain the headquarters in the Basque Country and preserve the strategic independence of the company.
The consortium of local investors includes Kutxabank Indar, pension funds Geroa ed Elkarkidetza, in addition to the investment funds of San Sebastián Stellum Food & Tech, already minority shareholders, and some managers and members of the founding family. The management team has reportedly already secured its share of the financing through debt funds, while the other partners are finalizing the transaction's structure.
The offer, still in the preliminary phase, will soon be submitted to PAI Partners and will have to obtain the green light from the competition authorities, including the CNMCThe French fund, which had acquired control of Uvesco in 2021, had been evaluating the sale for two years, after having registered the interest – never materialised – of Carrefour.
The Basque government has expressed its full support for the initiative. The Finance Minister Christmas in Anjou, interviewed by Radio Euskadi, called the operation “good news,” underlining the importance of maintaining control of strategic companies in the area and avoiding the relocation of decision-making centers.
In recent years, Uvesco has recorded a strong growth, expanding from the Basque base towards Cantabria, Navarra, La Rioja, Ávila and especially Madrid, where it took over 31 stores hiber, 12 conditions and 16 GiantIn 2024 the group achieved a turnover of 1,186 billion euros, up by 10,6 % compared to the previous year, confirming the solidity of a model rooted in the territory but increasingly competitive at a national level.
