From Freixenet to Puig: What is happening in large Catalan companies?
BarcelonaCodorniu (from the Raventós family since the 16th century in the Carlyle fund), 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 over 112 years of history turned multinational, 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 Puigs, 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 losing native companies is a long one, 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 major ones, 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 one 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 Pompeu Fabra University-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 vintner father, a gentleman son, a beggar grandson." Fortunately, it is not always 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 that left in 2017 during the Catalan independence process 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 multinational for swimming pools 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 impulse of the businessman Leopold Rodés, recovers the Catalan accent. Reasons for hope?
