Fosun acquires 20% interest in Spain's Osborne

The transaction value was not disclosed but the Osborne family retains control of the company with an interest of 80%, according to a statement.

Fosun is investing through the China Momentum Fund, which is targeting $1 billion for outbound investment, Jiannong Qian, general manager of the group's commercial investment department, told 21st Century Business Herald.

"Chins is a strategic market for Osborne due to its dynamism and growth rates over a yearly 20% in the consumption of imported premium products. Fosun's knowledge of the Chinese market is essential to boost Osborne's sales in the country," Osborne said in the statement.

Founded in 1772, Osborne is Spain's leading producer of sherry wine and other spirits as well as top-grade Iberico ham. It owns brands such as Cinco Jotas, Sánchez Romero Carvajal, Anís del Mono, Veterano, Magno, Carlos I and Montecillo. Last year, the company reported EUR232 million ($314 million) in net sales and EBITDA of EUR35 million, up 5% and 8% growth from 2012, respectively.

Fosun has made a number of European investments over the past year. In September it agreed to buy a 35% stake in Italian menswear brand Caruso. It also acquired a stake in French-based vacation resorts operator Club Méditerranée (Club Med) through a joint venture with Ardian, formerly Axa Private Equity.

Other investments include Danish electronics manufacturer Bang & Olufsen and Greek jeweler Folli Follie Group.

In the food and beverage sector, Fosun committed RMB210.5 million ($35 million) to Malaysia's Secret Recipe, becoming the second-largest shareholder in the restaurant chain.

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• Topics
• Greater China
• Consumer
• Europe
• Expansion
• China
• Fosun Group
• Consumer
• Outbound investment
• Europe
• Growth capital