Private-equity firm PAI Partners has announced that it has agreed to sell its entire shareholding in Uvesco, a Spanish food distribution business that operates the BM Supermercados and Super Amara brands.
PAI Partners is to sell its shareholding in the business to a consortium of institutional investors based in the Basque region, led by current Uvesco chief executive Ángel Jareño, who will continue to lead the company once the transaction is completed.
The investor group also includes current Uvesco minority shareholders from the company’s founding families; local bank Kutxabank (through its investment vehicle Indar); and two Basque private equity firms, Inveready and Stellum.
PAI Partners
PAI MMF, part of PAI Partners, acquired a majority stake in Uvesco in April 2022, growing its revenue by more than a third – to €1.3 billion in 2025 – and expanding its store footprint.
“Uvesco is a great example of PAI MMF’s strategy of partnering with founding families and strong management teams to support long-term value creation,” commented Mateo Pániker Rumeu, founding partner of PAI MMF.
“Leveraging the full knowledge and expertise of the PAI platform, we worked closely with Ángel and his team to strengthen Uvesco, support expansion and position the company for its next phase of growth. We are proud to have been part of Uvesco’s journey and wish the management team every success in this next chapter.”
Uvesco is headquartered in Guipúzcoa and operates 344 supermarkets under the BM Supermercados and Super Amara brands, largely concentrated in northern and central Spain, including the Basque region, Cantabria, Navarra, La Rioja and Madrid.
Under PAI’s leadership, its store count has grown by around 50 stores, while it also operates an e-commerce business.
‘Next Phase’
“I am delighted to be leading Uvesco into its next phase and extend my gratitude to PAI for their significant support in the transformation of Uvesco thus far,” added Ángel Jareño, CEO of Uvesco.
“This unique consortium empowers Uvesco to continue on its growth path while preserving its autonomy and deep Basque heritage. I look forward to working with the Uvesco team and our new investors as we continue to bring fresh, high-quality and locally-sourced products to consumers across Spain.”
The transaction is expected to close during the first quarter of 2026.