After an insolvency process that lasted two years, Varandas de Sousa, known as the “king of mushrooms”, is currently a company with three industrial units – and is building a fourth. This is after the Core Capital fund, owned by Martim Avillez Figueiredo, Nuno Fernandes Thomaz and Pedro Araújo e Sá, took 60% of the company following a debt forgiveness of 54 million euros, according to the “Journal of Business” this Thursday.
The mushroom producer based in Vila Flor, the largest in the country, is today owned by Core Capital, with 60%, by Sogepoc, with 30%, and by Sugal, with 10% – which means that João Ortigão Costa, in this case the “king” of tomatoes and nuts, holds 40%.
The venture capital fund is investing €1.7 million and €8.5 million to modernize existing facilities and create a new one, respectively. Here, it will produce compost, essential for the production of fresh mushrooms, greatly reducing imports of this raw material from Ireland.
The rehabilitation of the company’s capacity, however, is already showing results, with a 20% increase in turnover since the acquisition of Varandas de Sousa, in 2020, to 18.5 million euros in 2021.
During the insolvency process, the company lost assets such as the production of the compound itself, which is now being recovered with the rehabilitation of this production line. This will produce, from the summer, when it should be inaugurated, 400 tons per week. According to the executive chairman, António Vaz, quoted by “Jornal de Negócios, this factory “will allow a reduction of imports by around five million euros”.
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