Grupo Lusiaves takes majority stake in Pavo y Derivados

Grupo Lusiaves and Grupo ValorA, through its Peruvian poultry subsidiary Tecavi, acquired 75% of Pavo y Derivados in September 2026, Lusiaves taking the majority and Tecavi a minority position. The founding Salvadó and Centelles families retained the remaining 25% and continued to manage the business. Press reports put the transaction at an enterprise value of €300–700M. Competition authorities cleared it before completion. Founded in 1973 and headquartered in Amposta, in Tarragona, Padesa raises and processes chickens and turkeys across the full chain: it manufactures the feed, operates breeding centres and its own hatcheries, rears the birds across approximately 300 integrated farms, then slaughters, processes and packs them. It sells fresh and prepared products under its Aldelís brand and as private label for retailers. It employs close to 3,000 people and generated revenue of €450–900M and an EBITDA of €50–100M in 2025, ranking among Spain’s largest chicken producers and second nationally in turkey. Integration of this kind determines margin in poultry. Feed accounts for the majority of the cost of a bird, and an operator producing its own controls that cost rather than buying at market prices. Controlling the chain from hatchery to packing also governs the sanitary record, which is what retailers examine before listing a supplier. For Lusiaves, the purchase continued a Spanish expansion begun with Oblanca and Avícola Segoviana the previous year, taking its revenue to around 1.5 billion euros and its workforce to close to 9,000 across Iberia and France. For ValorA, which had entered Spain through Productos Florida, it extended a position in the same market. The founding families had engaged advisers to find a liquidity solution as the European poultry sector consolidated, retaining a quarter of the capital and the management of the business. DC Advisory acted as exclusive financial adviser to Padesa, with EY as its legal counsel, while Ceca Magán advised Lusiaves.