Spanish canned vegetables and ready meals maker Grupo Alimentario IAN has bought local prepared olives processor Interoliva.

The sum of the deal was not disclosed.

Grupo Alimentario IAN, which is owned by private-equity group Portobello Capital, described the move as “an ideal opportunity”.

The group said Interoliva’s green olives portfolio would help “complement” its own range, which is predominantly black olives.

In a statement, Alejandro Martínez, CEO of Grupo Alimentario IAN, said: “With the acquisition of Interoliva… we will be able to further promote our olive business, offering a more comprehensive range, maintaining the quality standards that have always characterised us, and achieving a greater market share.

“Likewise, this operation will provide us with synergies and greater growth opportunities for new developments and the momentum to continue consolidating leading food businesses capable of increasing their sales nationally and internationally.”

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Set up in 1898, Interoliva has a longstanding presence in jarred olives.

Its range includes green, black, seasoned, nautral and stuffed olives, which it sells under the brands Mario’s and Marismas “to all continents”, according to its website.

Some 95% of the company’s production goes towards international exports.

The acquisition brings the number of Grupo Alimentario IAN’s facilities to seven.

All located in Spain, they include three factories in the Navarra region, where it is headquartered, as well as one in Cáceres, one in Asturias, and now two in Seville, including Interoliva’s headquarters and olive orchard in Dos Hermanas.

Besides olives, Grupo Alimentario IAN produces a range of prepared vegetables under the Carretilla brand, including tinned and jarred asparagus, tomatoes and sauces, piquillo peppers, legumes, and ready-to-eat meals.

It also manufactures prepared vegetables under the brands Alesves, IAN, Taboada and Morenita.

The group distributes to wholesale, retail and foodservice in over 50 countries globally including France, Germany, Australia, the US, Canada and Japan. It also operates in private label.

Around 36% of the company’s total sales go to international exports, according to its website.