Key Takeaways
- Rigi Capital, Aurica Search Fund acquired Super's Diana.
- Sector: Healthcare, Healthtech & Medtech, Agriculture, Agribusiness & Agtech.
- Geography: Spain.
Analysis
Rigi Capital Partners has finalized its acquisition of Super's Diana, a Catalan company specializing in veterinary pharmaceuticals and supplements. This strategic move marks the culmination of Rigi's search fund initiative, established in Barcelona in 2023 by former Johnson & Johnson executive Jorge Oriol. The transaction addresses a critical business succession need for the family-owned firm, which has operated for three decades.
Founded in Parets del Vallès, Barcelona, Super's Diana has built a significant presence in the animal health sector. The company, which employs approximately 50 individuals, reported revenues of €17.6 million in 2024, alongside a net profit of €2.5 million. Its products are distributed across 30 international markets, underscoring its established global reach.
The acquisition was supported by a consortium of investors, prominently featuring Aurica Search Fund, the dedicated search fund arm of Barcelona-based venture capital firm Aurica Capital. Additional backing came from the Institut Català de Finances (ICF), fellow search funds Moonbase and Ítaca, and notable investor Karim Zahran, an ex-executive from pharmaceutical companies like Egypt's Rameda. This collaborative funding structure highlights the growing confidence in the search fund model within the European private equity ecosystem.
Super's Diana's outgoing owner, Francisca Margarit, expressed confidence in the transition, stating, "After 30 years at the helm of Super's Diana, I face this new chapter with the peace of mind of leaving the company in good hands." Jorge Oriol, who will assume leadership, emphasized a commitment to sustained growth and long-term development, signaling an indefinite investment horizon for the acquired entity.
This acquisition is particularly significant for Aurica Search Fund, as it deepens its strategic focus on the animal health industry. The sector, which benefits from increasing pet ownership and a greater emphasis on livestock productivity and welfare, is experiencing robust growth. Aurica's prior investment in German pet nutraceutical firm Alfavet earlier in 2025 further solidifies its position in this expanding market.
The deal involved extensive advisory services, with KPMG, Barrilero, AVQ, CS Corporate Advisors, and Cases & Lacambra all playing roles in facilitating the transaction. The successful closure of this deal underscores the increasing sophistication of the search fund acquisition process and the vital role of specialized advisory firms in navigating complex M&A activities within the European market.