GED Capital sells Procubitos Europe to Magnum

Madrid, December 28th, 2024

  • Procubitos Europe, which operates under the brand Cubers, is the European leader in the production and distribution of ice with factories in Spain, Germany and Italy, exporting to over 14 countries

  • The project was initiated by GED Capital in 2017. Since then, it has executed a buy&build strategy, with seven acquisitions that have allowed the company to boost its sales, becoming the European benchmark for premium ice, with a production of over 750k tonnes, more than double that of the next competitor. This operation is the third divestment of the fund GED V España.

  • Magnum Capital is a private equity firm investing in Spain and Portugal.

GED Capital, a private equity group operating in the mid-market segment in Spain,

and Grupo Hervaz, holding company of the Vázquez Gavira family, have reached an agreement today for the sale of their stake in Procubitos Europe to Magnum Capital, one of the leading private equity firms in Spain and Portugal.

GED’s investment in the ice manufacturer dates back to 2017, when the company acquired Cubers Premium with the aim of leading the consolidation of a highly fragmented market in Spain and Europe as well as supporting the company’s organic growth. A year later, it merged Cubers with Procubitos, founded by Grupo Hervaz and already the European leader at the time. Subsequently, GED worked alongside the family to consolidate the sector through seven additional acquisitions (add-ons, including an acquisition in Italy) and the opening of a new factory in Germany.

Following the transaction announced today with Magnum, GED fully divests its position in Procubitos Europe. Meanwhile, the Hervaz Group remains in the capital with a minority stake, partnering with Magnum in the next phase of the company’s growth, aiming for a strong and clear European leadership.

Strong international presence and commitment to quality and food safety

Procubitos Europe is the largest European ice company and the only one with factories in several countries such as Spain, Germany and Italy. In addition, from its facilities, it exports to the United Kingdom, Portugal, Benelux, France, Switzerland, Croatia, Denmark, Austria, Poland, Hungary, Czech Republic, and Norway. The company also has great potential for expansion in the coming years in new markets.

The company’s growth in recent years has been mainly due to the increase in ice consumption in Germany, where sales have almost doubled compared to the previous year, Italy, France and Central Europe, regions where average temperatures have risen by 3-4 degrees Celsius. Currently, approximately 50% of the Group’s total revenues resides on business in international markets.

The company has focused on the quality of its products, on ensuring food safety and on the development of new products with higher added value, in particular IceBalls, which are in great demand internationally.

Procubitos Europe’s sales are highly diversified by channel, as approximately half are carried out through the hospitality channel and the other half through the retail channel, with important customers such as Carrefour, Rewe, Edeka, Sánchez Romero, Intermarche, Mercadona, Lidl and Aldi, among others.

Enrique Centelles Satrústegui, Managing Partner of GED Capital, stated: “We are very satisfied with the evolution of Procubitos Europe during the period it has been in our portfolio, as EBITDA grew significantly, both organically and inorganically, after increasing its business and internationalising the company. It has been a pleasure for GED Capital to initiate the consolidation of this market through a buy&build strategy and we are pleased to see how the company has attracted interest from the highest level such as Magnum. It is undoubtedly the right partner for it to continue to expand its business in a new stage.”

Vendor advisors:

Arcano-Baird (Investment banking), King&Wood Mallesons and CMS Albiñana (legal), Deloitte (due diligence) and BCG (due diligence commercial).

For further information:

José Luis Gonzalez / Alicia Hernandez

Tel.: 91 702 71 70 / 698 198 093

E-Mail: /

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