José Elías, the owner of Audax, has bought 100% of the La Sirena frozen food chain through his Excelsior Times group, in order to boost its growth and expansion in the Spanish market.
As reported by the company, the new owner will make his entry effective this July. With the purchase of La Sirena, José Elías enters the food sector and continues to operate four other business lines: renewable energy, infrastructure, telecommunications and medicine.
For Elías, “La Sirena is a great brand and an opportunity to contribute, together with the current management team, to promote and accelerate the strategic plan that began three years ago.”
The general director of La Sirena, Jorge Benlloch, has assured that the entry of the Excelsior Times group will provide “stability in the long term” and will help “consolidate La Sirena as a benchmark brand in the food distribution market.”
From now on, La Sirena will continue with its multi-channel expansion strategy and will strengthen its presence in the Spanish market, with the opening of 15 stores in 2021, which will be added to the more than 260 that the company has in Spain. In addition to its online channel, the company sells its products on other operators such as Amazon, Glovo or Eroski.
With this operation, advised by Arcano and advanced this Thursday by Expansion, the previous shareholder, Opcapita, is ending a period in which he has managed to return to the company’s path of sustainable growth, preparing it to face new challenges for the future and with the “best financial position in recent years”.
In its last fiscal year, La Sirena, which has 1,200 employees, achieved a turnover of more than 194 million euros, 19% more than last year, and a EBITDA of 15.6 million, 71% more than the previous year.