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M&A Consultants specializing in the agrifood sector
M&A Advisors in Agrifood: Experience Across the Entire Value Chain
Advisors on the sale, purchase and valuation of agrifood companies, with knowledge of the entire value chain, from producer to distribution.
50 years of experience advising on corporate transactions
2017
French professional services group Samsic acquires 80% of the Spanish temporary employment company Top Perfil
Sell-side financial advisor
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First independent M&A boutique in Spain by number of transactions.
We closed 2025 with 15 M&A transactions, 14 of which are included in the Bloomberg ranking.
The increasing role of international investors (30%) and Private Equity (53%) supports our ability to execute in a competitive environment.
Bloomberg - Financial Advisors Ranking
Total M&A transactions during 2025
1. PwC
113
2. EY
42
3. BNP Paribas
21
4. JP Morgan
19
5. Alantra Partners SA
18
6. Banco Santander
17
7. Goldman Sachs
15
8. Lazard
15
9. Rothschild & Co
15
10. NORGESTION
14
10. BBVA
14
10. KPMG Corp Finance
14
Our work is defined solely by integrity, honesty, and an unwavering commitment.
Mario Senra
Partner
Crossborder:
More than 30% of our closed transactions are international
Local presence in the main world markets.
Mergers Alliance has proprietary tools that allow all its partners, currently present in more than 20 countries with more than 30 offices worldwide, a high level of collaboration and integration.
Operating 22 countries, 39 offices
Vocación internacional
Presencia local en los principales mercados a través de Mergers Alliance
Ámsterdam, Bangkok, Barcelona, Beijing, Bengaluru, Bilbao, Bogotá, Chicago, Estocolmo, Gurgaon, Hamburgo, Helsinki, Ho Chi Minh, Hong Kong, Köln, Lima, Londres, Madrid, Miami, Milán, Montreal, Mumbai, Munich, Navarra, Nueva Delhi, Nueva York, Palo Alto, Pamplona, Paris, Río de Janeiro, San Sebastián, Santa Mónica, Santiago de Chile, Sâo Paulo, Sevilla, Shanghai, Singapur, Sydney, Tokyo, Toronto, Utrecht, Varsovia, Zug, Zurich
Experiencia y alcance global a través de nuestros socios internacionales.
“Working alongside NORGESTION, we've supported several large French groups in their cross-border transactions, and their local expertise combined with the reach and trust of Mergers Alliance has made all the difference.”
Jean-René Griton
Aurignac Finance
“Being part of Mergers Alliance means our clients benefit from local expertise wherever their deals take them, and NORGESTION's knowledge of the Spanish market has made that difference time and again.”
Marcos Quiroz
EFIC Partners
“Through Mergers Alliance, Singhi Advisors has successfully offered clients a truly global reach, and NORGESTION has been a strong and dependable partner on opportunities involving Spanish companies and we've worked seamlessly together as One Team.”
Ajoy Lodha
Singhi Advisors Pvt. Ltd.
“Mergers Alliance is what allows Proventis Partners to support clients seamlessly across borders, and NORGESTION's professionalism and market insight make Spain a market where we always feel well represented.”
Jost Hartmann
Proventis Partners
“Mergers Alliance gives Ethica Group direct access to trusted partners across Europe, and NORGESTION has consistently proven to be one of the most reliable in the Iberian market.”
Stefano Pastore
Ethica Group
“Mergers Alliance allows NORGESTION to offer our clients the reach and expertise of a truly global organization, while keeping the close, hands-on approach that defines our way of working.”
Igor Gorostiaga
NORGESTION
Agrifood sector M&A company
Agrifood in the M&A market
Agrifood spans an entire value chain, from raw material producers to the point of sale, with processors and distribution in between. In an M&A transaction, understanding where a company sits within that chain, and how it relates to the other links, is one of the starting points of any valuation.
The sector is moving in several directions at once. Producers are gaining scale and integrating activities to get closer to consumption, processors seek size to strengthen their position, and retailers increasingly influence what is produced, in what format and to what specification — an influence that reaches the Horeca channel (hotels, restaurants and catering). These are dynamics worth analyzing, because they help define who the right buyer may be and what weighs on the price.
For an owner considering selling, buying or bringing in a partner, understanding the context in which the transaction takes place matters as much as the business itself. Specialized advice in the sector is essential to interpret these dynamics, anticipate the buyer's questions and approach the transaction with sound judgement.
Drivers of transactional activity in the sector
Generational handover
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A large part of Spain's agrifood fabric consists of family companies with several decades of history, whose owners are now facing generational handover. When there is no clear succession within the family, a sale or the entry of a financial partner opens a way to give the company continuity and realise the value of several generations' work. It is one of the most stable drivers of activity and, frequently, the first factor that leads an owner to consider a transaction.
Consolidation and integration along the chain
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In almost every subsector, companies are gaining scale, and many are integrating along the chain — towards raw materials or towards consumption — to strengthen their margin, control and predictability. This movement opens opportunities in both directions: leading the consolidation of one's own subsector, or joining a larger group that allows further growth. It is a very active field for acquisitions and for buy-and-build processes led by both industrial players and funds.
The role of distribution
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Large-scale retail carries decisive weight in the sector. Its model of short assortments, private label and technical requirements leads suppliers to specialise and invest to grow alongside it. For many companies, that relationship is both their main growth lever and one of the variables that most needs to be well explained and highlighted when a transaction comes along.
Changing consumption and channels
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Ready meals and changes in the Horeca channel are shifting demand towards new consumption formats. It is an area where industrial and financial buyers converge on the same companies, which broadens the options and raises interest in businesses present in the fastest-growing categories.
Agrifood in Spain
The food and beverage industry accounts for more than 2% of Spain's GDP and over 20% of all manufacturing, employs close to half a million people and posted its best export figures ever in 2025. It is also a highly atomized sector: mostly SMEs with strong brands and profitable plants. That combination — a large, export-driven sector that is nonetheless fragmented and in full transformation — is what generates M&A opportunities, and what makes specialized advice the difference.
Subsectors we work in
Comprehensive operations management strategy
2. Frozen and deep-frozen vegetables
A working-capital-intensive, highly automated subsector, where control of raw materials and scale are decisive. It appeals equally to industrial and financial buyers.
3. Dairy
Mid-sized, family-owned processors that negotiate with both large raw material conglomerates and major retail chains. This subsector is currently undergoing a major reorganization, marked by sales, the entry of new partners, and industry consolidation.
4. Fruit, vegetables and canned food
From fruit and vegetable growers to canneries, a subsector shaped by private label, seasonality and the demands of large retailers, which push towards consolidation and scale.
5. Wine and beverages
Wineries and branded beverage companies, where valuations blend assets, brand equity, and distribution channels, and where the family component plays a significant role in every transaction.
Ready-to-eat meals and food distribution
The segment with the highest convergence between industrial and financial buyers, and the point where distribution and the Horeca channel intersect with the product. A rapidly expanding sector and one of the most active in M&A.
1. Meat and processed meat products
One of the most active subsectors in consolidation, with intense buy-and-build activity among meat and cured-meat producers. The integration between frozen products and processed meat, together with channel concentration, keeps it in an almost constant flow of transactions.
M&A Agrifood and specialty food sector
Specialized M&A advisory for agrifood
NORGESTION provides advisory services to companies in the agrifood sector on corporate transactions, including company sales, the entry of financial partners, acquisitions, mergers, and restructurings. We work with business owners, entrepreneurial families, and investment funds operating within the Spanish and European agrifood landscape.
Valuation tailored to agrifood
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Valuing an agrifood company goes beyond simply applying a multiple. Factors such as working capital, the real estate footprint of facilities, relationships with key accounts, and positioning within the supply chain all carry significant weight. The result is a valuation that truly reflects what the company is worth to a strategic buyer in the sector.
Sell-side preparation
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Part of a transaction's value is determined during the preparation phase: organizing permits and licenses, segregating real estate assets, optimizing working capital, and normalizing EBITDA. This rigorous analysis ensures the company approaches the process under the best possible conditions, with key arguments already validated.
Due diligence and process management
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The points a buyer scrutinizes (old licences, environmental requirements, waste treatment) are best anticipated so as to reach due diligence with the answers ready. The process is managed with care for timing and confidentiality, which in a family business are worth as much as the price.
Buyer identification and competitive process management
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Identifying the right buyer is half the battle. A well-designed competitive process highlights your company’s value to the ideal profiles—whether industrial players, private equity firms, or family offices—both within Spain and abroad, thanks to our dedicated international reach.
50 years of experience and international reach in M&A
Agrifood M&A Consulting
There are four cross-cutting pillars that define our way of working in Mergers & Acquisitions, and they are what have made us the benchmark firm we are today.
Commitment
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We manage each operation meticulously and with all our involvement, aligning decisions with the company's strategic and financial objectives.
Confidentiality
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We safeguard the integrity of the operation and the interests of all parties, understanding the high sensitivity of the information involved and its potential repercussions.
Transparency
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We provide a clear perspective of each stage, with proactive and accurate communication, strengthening the alignment of expectations and objectives between consultants and clients.
Experience
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We have spent decades advising on transactions within the agrifood sector. We know the key players in every subsector, understand the value chain from producer to retailer, and know how to align the realities of family-owned businesses with the expectations of financial investors.
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Latest NORGESTION publications related to agrifood
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Other sectors
Our expertise spans complex operations across a wide range of sectors and sub-sectors. Here are a few highlights.
Experience and vision in M&A: General service
We transform the complexity of mergers and acquisitions into a controlled process that places your company in a favorable position with reputable experts with extensive experience in M&A operations.
Corporate Finance
We provide expert advice on mergers, acquisitions and financial restructurings, along with detailed analysis and financing strategies to maximize the value and growth potential of companies.
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