Jerónimo Martins buys Luís Vicente group

Jerónimo Martins acquired the Luís Vicente group, a fruit and vegetable producer, from NuviGroup. The deal was announced this Tuesday by the international investment holding company, which, in addition to Portugal, has businesses in Angola and previously owned the Torres Vedras fruit and vegetable company. The value of the deal was not disclosed. Observador has already questioned the owner of Pingo Doce about the investment amount.

In a statement, NuviGroup announced that it has reached “an agreement for the sale of its unit dedicated to the fruit and vegetable sector, operated by Luís Vicente (LV) in Portugal, to Jerónimo Martins Agro (JMA), a company of the Jerónimo Martins Group specializing in the agri-food sector”.

Since 2023, Jerónimo Martins and Luís Vicente have partnered in the fruit business SupremeFruits, in which Jerónimo Martins increased its stake from 50% to 80% this year. This joint venture produces fruits such as mandarin oranges, nectarines, peaches, and plums, and received an initial investment of seven million euros from the owner of Pingo Doce.

The transaction is still "subject to certain conditions, namely approval by the Competition Authority," the statement states. Full job retention will be guaranteed, in addition to the continuity of Luís Vicente's operations.

The Nuvi group explains that the transaction is part of a strategy in which it intends to focus “on the businesses where it has the greatest competitive advantage and growth potential: the beverage industry (Refriango Group)”, a beverage company in Angola, “and food retail (Supermercados Arreiou)”.

The group says it is in a phase of international expansion, which includes, in the case of Refriango, entering new markets and, in the case of supermarkets, "doubling its food retail network, from 200 to 400 stores." "This decision reflects our strategy of reinforcing our focus on areas where Nuvigroup has the greatest competitive advantage and growth potential," emphasizes Diogo Caldas, Nuvigroup's executive director, in the same statement.

The same person in charge says that the group is "confident" about the future of Luís Vicente, which, "integrated into Jerónimo Martins Agro, will continue its activity on a path of success and growth, opening up new opportunities for everyone."