GED Capital, a private equity group operating in the mid-market segment in Spain, and Grupo Hervaz, holding company of the Vázquez Gavira family, have reached an agreement today for the sale of their stake in Procubitos Europe to Magnum Capital, one of the leading private equity firms in Spain and Portugal.
GED’s investment in the ice manufacturer dates back to 2017, when the company acquired Cubers Premium with the aim of leading the consolidation of a highly fragmented market in Spain and Europe as well as supporting the company’s organic growth. A year later, it merged Cubers with Procubitos, founded by Grupo Hervaz and already the European leader at the time.
Subsequently, GED worked alongside the family to consolidate the sector through seven additional acquisitions (add-ons, including an acquisition in Italy) and the opening of a new factory in Germany.
Following the transaction with Magnum, GED fully divests its position in Procubitos Europe. Meanwhile, the Hervaz Group remains in the capital with a minority stake, partnering with Magnum in the next phase of the company’s growth, aiming for a strong and clear European leadership.
