Congalsa closes the acquisition of portuguese company Sulpasteis

Congalsa has just completed the acquisition of Portuguese company Sulpasteis. This strategic operation involves different benefits and challenges for our company, already present in 30 countries through export activities, and thanks to more than 300 employees and 500 customers.

On the one hand, the integration of Sulpasteis means expanding our presence in the Portuguese market. The firm, located in Sargazedo, in the municipality of Arganil (Coimbra), has billed more than 17 million euros in 2019, has a portfolio of 450 clients from the HORECA sector and a consolidated position in the country. In addition, 15% of its turnover is due to exports, which will open new business channels. Congalsa will maintain the 125 jobs of the staff and the production centre. Congalsa happens to gain decisive presence in a market in which, until now, it only operate as exporter.

Secondly, the acquisition allows Congalsa to exceed 100 million turnover for year 2020, which represents a clear growth with respect to the 83 million it invoiced in 2019. This is a strategic goal to generate inorganic growth and strengthen its international position as stated by our CEO, Luis Miguel Simarro. The complementarity between the buying and selling firm has been one of the most valued aspects. The references produced by Sulpasteis will become part of the Congalsa portfolio.

The operation has had the financial assistance of COFIDES, which has provided a loan of 3.92 million euros. We must highlight the collaboration of the legal advisors RSM Spain and RRP Advogados, who have contributed to the successful signing of the operation.

In Congalsa we trust that this incorporation into our business group will be a step forward to open new markets and keep on offering quality frozen products that provide remarkable added value.