A Poveira is one of the oldest canned fish factories in Portugal (1938), located in Póvoa de Varzim
Frinsa buys 50% of the Portuguese cannery A Poveira
Thursday, September 19, 2019, 22:50 (GMT + 9)
The Spanish company enters the capital of a firm that supplies large distributors, invoices EUR 24 million annually and has a new factory
Frinsa del Noroeste
, one of the largest companies in the Galician canned seafood industry, takes a giant step in its growth and expansion plans with the purchase of 50% of the Portuguese A Poveira
The company founded in Ribeira 58 years ago thus enters the capital of what is the third largest company in the sector in the neighboring country by sales, with a turnover of EUR 24 million last year, the production of 150,000 cans on a daily average and about 250 workers.
Frinsa thus reinforces a business that already generates revenues of more than EUR 500 million annually - ahead of other referents such as Jealsa Rianxeira, Escurís or Calvo after breaking records in 2018 - and supports some 1,330 jobs. With the manufacturing of 4 million cans per day, mainly to supply white label to large distribution chains such as Carrefour or Dia, the company obtained a profit of EUR 29.4 million last year.
Now, almost five years after activating a plan to strengthen its presence abroad with the creation of a network of subsidiaries in Italy, Singapore, France, Germany and the United Kingdom, it takes a stake in one of the oldest canneries in Portugal, with 81 years old. A Poveira has a new factory, opened in 2013 in the city of Póvoa de Varzim, in the north of the country.
A Poveira brands. (Photo: A Poveira)
This operation will allow Frinsa to gain weight in the Portuguese market, where it is already present in the supermarket lines with the Ribeira brand. It can also open a path to distribution chains that are provided by the Portuguese firm inside and outside the country, as it has activity in about 40 markets. After Portugal, its main ‘clients’ are in Austria, the United States, Poland, Italy and Spain.
The offer of both firms is complemented. Frinsa is focused mainly on canned tuna and shellfish, while A Poveira specializes in sardines, mackerel and cod. It has eight brands, with Minerva as the flagship.
The Galician company enters its capital after two of its four partners, Gonçalo Moreira, president of the Oporto Chamber and son of the mayor, and Sérgio Real sold their shares - which accounted for almost 50% - and left the administration of the company, as reported by the newspaper Expresso. As shareholders remain Rui Ferreira Marques, president of the canning company, and António Cunha.
Source: El Progreso