Stellum Food&Tech I joins the shareholding of the Gipuzkoan company Urkabe Benetan to boost its growth and international presence.

• Stellum Food&Tech I, has signed an agreement to acquire 31.5% of the company.
• Urkabe Benetan is a national leader in frozen pre-cooked products and meat-based gastronomic solutions, with croquettes and cooked ham being its star products.
• The entry of Stellum Food&Tech I strengthens the company’s resources to address the growth and diversification plan, which will occur both organically and inorganically.
• Stellum Food&Tech is dedicated to taking stakes in companies in the food value chain, with Urkabe Benetan as the fund’s eighth investment.

Donostia-San Sebastián, July 4, 2024. –Stellum Food&Tech I, an investment vehicle of the private equity firm Stellum Capital, has become a shareholder of Urkabe Benetan in order to strengthen its growth and international presence. The private equity fund has taken a 31.5% stake mainly through a capital increase in the Gipuzkoan company.

Urkabe Benetan is part of the food business of the Indaux Group, a holding company led by several Basque families. The company has an ambitious business plan, both organic and inorganic, focused on three pillars: strengthening its position as a benchmark for various frozen and refrigerated products under the private label of the main supermarket chains, strengthening its presence in the national Horeca channel and accelerating its international expansion.

The company has managed to become one of the benchmarks in the retail of frozen products under private label, with croquettes being its star product, adapting customized solutions for each customer. In addition, under the Urkabe brand, it produces and distributes refrigerated sausages and pre-cooked products, being one of the leaders in this family of products in the Basque Country and Navarre.

The entry of the Stellum Food&Tech I fund in Urkabe Benetan strengthens the company’s resources to address the growth plan, which in recent years has achieved a turnover of 26 million euros, with a team of more than 100 people in its Rentería facilities.

According to Enrique Rioja, Chairman of the Board of Urkabe Benetan, “the incorporation of Stellum Food&Tech to the Urkabe Benetan project is a recognition of the work done over the years to put the company in its current position, as well as a clear evidence of the confidence in our business model. In addition, it represents an enviable opportunity for growth, betting even more strongly on Urkabe’s great team of professionals and its project.”

Agustin del Canto, General Manager, indicates that “The values of the Stellum team are very close to ours, which are very strong and deep-rooted; moreover, Stellum Food is focused on our sector. This has convinced us that they are the ideal partner to take Urkabe Benetan to the next level. When we talk about Stellum’s contribution to the project, we are not only talking about resources, but also about focus, support, relationships and market knowledge”.

David Martínez, Managing Partner of Stellum Food&Tech points out that “Urkabe Benetan is a company that has been able to diversify and grow in a changing market, building customer loyalty through a high quality product and service, led by a team formed by people of the highest professional and human level, which has been the key to make our investment”.

Urkabe Benetan has carried out the process with the firm Norgestión, while Cruces Torres has been the legal advisor for Stellum Food&Tech. KPMG was in charge of the financial, tax, legal, labor and ESG due diligence and Kaizen of the operational due diligence.