Palacios Alimentación, a Spanish ready meals and sweets producer, acquired snacks maker Ñaming from Green Arrow Capital and Unigrains Iberia that carried on their first exit in the country. Jorge Miranda, the target’s ceo, will reinvest for a relevant minority and keep his role (press release).
The deal’s closing requires the approval of the CNMC (Comisión Nacional de los Mercados y la Competencia) and may take place in 3Q26.
The vendors retained PwC as financial advisor for the vendor due diligence (VDD) and Eversheds as legal.
Ñaming was born in 1990 and its headquarter is in Mallén (Saragozza). It gained a leading position for the sandwich sector in Spain with steady double-digit growth in recent years. Its wide range of ready-to-eat products includes sandwiches, snacks, salads, wraps, yoghurt, cut-up fruit, smoothies and desserts.
In May 2026, Green Arrow Capital acquired DeA Capital Alternative Funds and its subsidiary Taste of Italy 2 fund that purchased the majority of Ñaming in July 2024 (see here a previous post by BeBeez and another previous post by BeBeez). In October 2024, Unigrains Iberia both a minority of the sandwich maker Ñaming for supporting its expansion plans (see here a previous post by BeBeez).
During the period in which GAC and Unigrains Iberia held their investment, Ñaming recorded solid operational and financial growth. Turnover rose by around 50%, exceeding 55 million euros. Furthermore, the company allocated around 10 million euros to expanding production capacity at its plants in Mallén (Zaragoza) and Algete (Madrid).
Miranda said: “We are very grateful to Green Arrow Capital and Unigrains Iberia for the work we carried out together during this phase, in which Ñaming strengthened its market leadership, expanded its production capacity and continued to develop new product categories. We are embarking on a new cycle of growth alongside Palacios Alimentación, building on a very solid foundation and with the clear ambition to continue growing.”
Leopoldo Reaño, Private Equity Spain Managing Director of Green Arrow Capital, added: “This agreement is a significant milestone for Green Arrow Capital, as it is our first divestment in Spain. Several key factors drove the company’s growth during this period: the early identification of the strong growth potential of the ‘on-the-go’ segment that structural consumer trends fuelled; the acquisition of new customers; the development of new categories and products; and a firm commitment to industrial investment and increasing production capacity.”
Álvaro Hernández, ceo of Unigrains Iberia, commented: “Ñaming It operates in an interesting sector with positive growth trends. In Spain, the sandwich market is far less mature than in other European countries, something we recognised from the outset as an opportunity with strong potential for growth. Furthermore, Ñaming’s leading position and its mastery of the complex logistics of the cold chain have acted as barriers to entry, enabling it to continue fuelling its organic growth. We are very proud to have supported Ñaming, a perfect example of Unigrains Iberia’s investment philosophy and our value-added approach”.
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