A Basque investment in Galicia
The French Olano group is taking over 100% of the shares of the Spanish company Devesa Express, which is located in province of Pontevedra (Galicia).
Specialising in refrigerated transport, mainly of seafood, Devesa has 70 employees and a turnover of EUR 14 million per year. With activities reaching back to 1972, it was formed anew in 2009 and now delivers, amongst others, 25,000 t of mussels per year.
The aim of this acquisition is to boost the development of Olano's seafood transport business. In this segment, the Basque group, which is headquartered in Saint-Jean-de-Luz close to the Spanish border, is hoping to generated EUR 180 million in turnover by 2023 out of a total of EUR 600 million. (sh)