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Industrias Alimentarias de Navarra is one of the the Spain’s biggest producers and exporters of canned vegetables.

Type of Operation



Portobello Fund III & Portobello Secondary Fund II

Investment date

March 2015 / December 2020


Canned food and prepared meals

Founded in 1975, IAN processes in its plants a wide range of products that are leaders in their respective segments: table olives, asparagus, ready meals, piquillo peppers, crushed tomato, pizza sauce and tomato sauces, among others.

IAN has several brands, both domestic and abroad, with the brand Carretilla standing out. This Brand, founded in 1875, is a national market leader in asparagus and prepared meals in microwaveable containers.

Why did we invest in IAN?

  • Uncorrelated growth: Prepared meals category has grown at a 30% CAGR for the last 3 years.
  • Industry leader:
    • #1 in prepared meals in the Spanish market.
    • Main brand is one of the most recognized brands in the food industry.
  • Downside protection:
    • Company has sailed through the crisis maintaining shares and profitability (has increased market share in prepared meals).
    • Diversified business mix, distribution channels and targeted markets.
  • Seasoned Management: professional and well prepared for an MBO with more than 20 years experience in the sector.