Spanish ham and croquette maker Urkabe Benetan has gained a new shareholder in the form of private-equity firm Stellum Capital.
The Spain-based investor has acquired a 31.5% stake through its food-focused investment vehicle Stellum Food & Tech. Financial details were not disclosed.
Urkabe Benetan produces frozen pre-cooked products and “meat-based gastronomic solutions”, with croquettes and cooked ham as bestsellers. The company is part of the food business of the Indaux Group, a holding company led by several Basque families.
The ham manufacturer “reinforces the resources of the company to address the growth plan, which in recent years has managed to reach €26m ($28m) in turnover, with a team of more than 100 people in its Rentería facilities”, according to a statement.
Enrique Rioja, president of the board of Urkabe Benetan, said: “The incorporation of Stellum Food & Tech to the Urkabe Benetan project represents recognition of the work carried out for years to place the company in its current position, as well as clear evidence of confidence in our business model.”
Urkabe Benetan is the fund’s eighth investment. Its portfolio includes retail company Uvesco, sustainable food packaging business Envaplaster and Barcelona-based Syra Coffee.
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Agustin del Canto, general director of Urkabe Benetan, said: “When we talk about Stellum’s contribution to the project, we are not only talking about resources, but also about focus, support, relationships and market knowledge.”
David Martínez, partner at Stellum Food & Tech, added: “Urkabe Benetan is a company that has known how to diversify and grow in a changing market, building customer loyalty through a high-quality product and service, led by a team made up of first-class people.”
