From local retailer to leading branded frozen food specialist
London, 21 July 2021:
OpCapita Consumer Opportunities Fund LP ("Fund I"), advised by OpCapita LLP ("OpCapita"), the European private equity partnership, announces the sale of its portfolio company La Sirena to Excelsior Times, family office of Jose Elias, who has other investments in renewable energy, telecoms, healthcare, and food.
Headquartered outside Barcelona in Spain, La Sirena is the leading frozen food specialist in Spain operating more than 260 stores. The company also distributes its branded products via its own on-line platform and through wholesale agreements with Amazon, Glovo and national retailers such as Carrefour and Eroski.
Under OpCapita's ownership, La Sirena has been transformed from a neighbourhood store operator to a leading multichannel retail brand with growing operations in the online, food delivery and wholesale channels. This has generated an annual EBITDA uplift of more than 3x from €4m at the time of investment to EBITDA of €15m as of April 30, 2021.
Following the restructuring of the balance sheet and the capitalisation of the business at acquisition, OpCapita has overseen a professionalisation and strengthening of the management team, rationalisation of product range and improved stock efficiency, increased focus on product innovation to lead the development of new categories (plant based), built a data-driven loyalty programme which currently has more than 1.8m members and accounts for 75% of sales, and development of the store portfolio, closing underperforming stores and opening new stores in selected locations.
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