From Freixenet to Puig: What is happening in large Catalan companies?
BarcelonaCodorniu (from the Raventós family from the 16th century to Carlyle in the background), Freixenet (from the Ferrer family to the German Henkell), Pastas Gallo (from the Espona family to Proa Capital), Cirsa (from Manuel Lao to Blackstone)... And, now, in addition to Ercros –which is now controlled by the Portuguese industrial group Bondalti after a takeover bid–, Puig Brands, a Catalan group with more than 112 years of life that has become a multinational, has admitted this week that it is in talks with the American The Estée Lauder Companies, which is three times larger. If the negotiation is successful, the Puig family, with shares that have not yet recovered the 24.50 euros with which they debuted on May 3, 2024, will cash in and can dedicate themselves to other investments. There are many precedents. The process of loss of native companies has been going on for a long time, as when the Bernat family sold Chupa Chups to the Italian-Dutch Perfetti Van Melle in 2006. Today, even in a sector like cava, the two giants, Codorniu and Freixenet have foreign owners.
The concern about this trend has nothing to do with romanticism or business nationalism. It is necessary to have the decision-making centers of companies because, otherwise, one becomes just another player and is more susceptible to relocations or closures. Family businesses are easier prey for potential buyers, as they continue to face issues such as succession, which becomes complicated as generations advance. In a session at the Universitat Pompeu Fabra-Barcelona School of Management (UPF-BSM) where a study on family businesses
was presented, it was concluded that, in fact, it is easier to create a company than to keep it alive and successful. The risk skyrockets in the third generation, that of the founder's grandchildren. There is a saying that states: "A winemaker father, a gentleman son, a beggar grandson." Fortunately, it does not always come true.
There are still groups loyal to their origins. Some are from the Ibex-35, such as Grifols and Fluidra. Others from the continuous market, such as Almirall, Miquel y Costas, and Reig Jofre. And others who left in 2017 during the Procés and have returned their registered office, such as the cement company Molins, Banco Sabadell, and Criteria, the investment arm of La Caixa.
And some news: Eloi Planes, president of Fluidra –a swimming pool multinational based in Sabadell that absorbed an American company, Zodiac, and which remains in the hands of four families (Garrigós, Planes, Serra and Corbera)– will be the next president of the Family Business Institute (IEF). This lobby, founded in 1992 with the impetus of businessman Leopold Rodés, is regaining a Catalan accent. Reasons for hope?
