The American manager Solum Partners is advancing in the acquisition of Projar, a Spanish company dedicated to agricultural substrates. The negotiations are exclusive and are expected to close by the end of the year.
Solum Partners, a venture capital manager linked to Harvard University, is in exclusive negotiations to acquire a majority stake in Projar, a Spanish company specialized in the production of substrates for agriculture and gardening, according to information reported by expansión.com.
The American manager has been selected in a process coordinated by EY to find a new shareholder to support Projar's growth and internationalization. This process took place in a competitive context, and the exclusivity of the negotiations will be maintained until the end of this year.
Projar, founded in 1983 by Alejandro Faus and based in Valencia, has been a pioneer in Spain in marketing coconut fiber-based products for hydroponic crops. The company develops and sells substrates and soil-less growing solutions and has expanded its activity into landscaping and environmental restoration projects.
With 165 employees and an annual turnover exceeding 108 million euros, Projar has a strong international presence with factories in Almería, Sri Lanka, and India. The company operates in 45 markets and expects to close the year with an EBITDA of approximately 15 million euros.
If the negotiations conclude positively, it would not be Solum's first investment in Spain, as it acquired the fruit and vegetable producer Agrupapulpé in 2023. It is expected that the founders and the management team of Projar will continue in the shareholding and at the helm of management in this new phase.
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