(Boursier.com) — Fleury Michon announced, at the beginning of June, that it had entered into exclusive negotiations with Familia Martínez, its historic partner in Spain, to sell its shares in the Platos Tradicionales Joint Venture.
This June 26, Fleury Michon indicates that the negotiations have been successful. Fleury Michon therefore sells all of its shares in Platos Tradicionales to its historic partner, Familia Martínez, for an amount of 68 million euros with a partial deferral of 6 months.
This partnership, initiated in 2006, was born from the desire to develop the ready meals market in Spain. The Fleury Michon Group and Torrent Fimer (Familia Martínez) have thus combined their respective know-how to manufacture and distribute ready-made meals in Spain. The contribution of Platos Tradicionales to the consolidated accounts of the Fleury Michon Group resulted in a company share of €8.5 million as of December 31, 2023.
Familia Martínez wishes to accelerate its development strategy, while Fleury Michon is taking advantage of this operation to pursue its strategy of refocusing on its core business. This operation will enable the Group to strengthen its financial structure, accelerate commercial development, brand support and food transition projects, maintain a high level of investment in the quality of its industrial tools and also concentrate on supporting its growth drivers.
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