Jerónimo Martins agro Acquires Luís Vicente Group’s Horticultural Business
Jerónimo Martins Agro (JMA), the agri-food arm of the Jerónimo Martins Group, has reached an agreement to purchase the horticultural operations of the Luís Vicente Group (LV) in Portugal. The deal, announced on October 14th, will see LV integrated into JMA, though the finalization is contingent upon approval from the Portuguese Competition authority.
The sale is part of a strategic shift for Nuvigroup, the international investment holding company that owns Luís Vicente. Nuvigroup plans to concentrate on its core businesses: the beverage industry through Grupo Refriango, and food retail via Supermercados Arreiou.The company intends to double its retail network from 200 to 400 stores and expand Refriango into new markets.
Nuvigroup confirmed that all jobs within the Luís Vicente horticultural business will be maintained following the acquisition. They expressed confidence that under Jerónimo Martins Agro’s leadership, the business will continue to thrive and create new opportunities.
According to Diogo Caldas, executive Director of Nuvigroup, the decision reflects a strategy of focusing on areas where the company possesses the strongest competitive advantages and growth potential. He stated the company is preparing for a “new cycle” of investment and sustainable development.
the financial terms of the transaction were not disclosed. News of the potential sale, and PwC‘s involvement in handling proposals, was initially reported by Jornal Económico.
