Miura Private Equity has acquired Cutting’s, a fresh food distributor to the hospitality industry, in a deal which will create the largest food services fresh product supplier in Spain.
Cutting’s, a market-leading company which supplies fresh food to large restaurant chains, hotels and catering groups, will be integrated with Guzman Gastronomía, another Miura portfolio company, to create a new group with estimated revenues of over €70m in 2015.
Miura is a private investment firm with its headquarters in Barcelona. Currently, it has assets under management of €300m. The firm specialises in investing in small and medium sized Spanish companies with attractive expansion and consolidation potential, and international growth prospects. Since 2008, Miura has invested in 20 companies. The acquisition will allow Cutting’s to benefit from Miura’s operational, strategic and financial experience as the wider group continues to expand in Spain and internationally.
Both Guzman Gastronomía and Cutting’s will continue to operate under their own brands, focusing on their respective niche markets, covering the high-end restaurant and gastronomic sector to contract caterers servicing schools and hospital groups, as well as large restaurant and hotel chains nationwide.
The new group, with headquarters in Barcelona, will have operational and distribution centres in Barcelona, Madrid, Alicante, Seville, Ibiza and La Rioja from which it will provide nationwide coverage.
Clearwater International advised Miura on the acquisition. The team was led by partner David Serra.