Cleon Capital Advisors, an Italian-Spanish private equity specialized in SMEs, is looking for a buyer for Dagu, the second national egg producer. The fund has launched a sale process to exit the capital of this large group, restructured last year under the umbrella of Hevo Group after having previously embarked on a purchasing spree of rival companies with the aspiration of creating a giant in the sector in Spain. The group, which has a turnover of more than 150 million euros, has already received signs of interest in recent months, according to sources consulted by elEconomista.es.
The operation is advancing and could be closed before the end of this year, according to the same voices. The operation would represent the first divestment of Cleon Capital in Spain, which has more than 90% of Dagu through Master Gallus (it entered in 2019 with the purchase of 85%). The firm led by Nicola Zambon did not want to comment after being consulted by this medium.
With an operating result of more than 11 million euros, the operation could be closed with a valuation of more than 50 million euros, according to the multiples currently paid in the market for this type of company. During the last year, the company’s results have been better than in previous years due to egg sales prices, which “have remained high, and consequently an increase in sales has been recorded, together with a greater number of dozens sold.”
Furthermore, “raw material prices have remained at moderate levels, lower than those of 2022, but still at levels higher than the historical average prices. These two circumstances have resulted in an improvement in the result in fiscal year 2023,” he adds. the company in the latest accounts deposited in the Commercial Registry.
The company has positioned itself as one of the national champions of the sector after having embarked on a race of acquisitions, being only surpassed by Huevos Guillén. The latest was that of the Basque firm Avícola Larrabe, which leads the group to have a production volume of more than 80 million dozen eggs per year. Previously, Dagu merged with OUS Roig in 2021 and in 2022 Granja AGAS from Cuenca joined the perimeter, a milestone that gave way to the renaming of the group.
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