PAI Partners closes the sale of Uvesco (BM Supermarkets) to a group of Basque investors

The Basque consortium of private investors that leads the CEO of Uvesco, Ángel Jareñohas signed a private agreement with the French fund PAI Partners to acquire 100% of this distribution group, parent of the BM Supermercados and Super Amara brands. The definitive closing of the operation is scheduled for first quarter of 2026, once the usual administrative procedures in this type of process are completed, as reported in a statement by the Uvesco Group, which has 344 establishments and a workforce of more than 7,000 workers.

This group of Basque investors had launched last November a purchase offer of 700 million of euros to acquire the Uvesco group in order to avoid its departure from the Basque Country and close the way to other purchase offers such as the one Carrefour proposed in 2024, which ultimately did not go ahead. The French backgrounds PAI Partners became part of Uvesco in December 2021 after acquiring just over 70% of its capital. With its exit agreed with the Basque investors, the group, based in Irun (Gipuzkoa), recovers local ownership.

Founding families, Kutxabank…, the new owners

Within the group of investors that are part of the consortium that has acquired PAI Partners are, along with Jareño, the founding families, Stellum Capital, Inveready and Indar Karterafinancial vehicle of Kutxabank. Ocean Capital and Evercore have participated as general advisors to the purchasing consortium, in addition to Clifford Chance and EY in the legal section. This agreement represents a “clear commitment to rootsthe continuity of Uvesco’s business model and its long-term sustainable growth”, while consolidating a business project “faithful to its founding values”, said the source.

Uvesco has highlighted su “clear vocation” for growth in the number of supermarketsits geographical expansion, its commitment to “quality employment” and “social and sustainability commitment”. The Guipuzcoan group has 344 establishments, an e-commerce service and four logistics plants. Operates in the Community of Madrid, Ávila, Guadalajara, Basque Country, Navarra, Cantabria and La Rioja; and its workforce exceeds 7,000 employees. In 2024, Uvesco achieved a record growth of 10.6% in sales, which reached 1,186 million euros