Uvesco

Who owns Uvesco?

Uvesco is currently owned by Stellum Capital through Stellum Food & Tech I (2022 vintage), since 2022. Across its history, Uvesco has been through 2 private equity ownership periods, detailed in the timeline below.

Hand-verified · updated 2026-04-21

About Uvesco

Uvesco is a Spanish food retailer headquartered in Irun, Gipuzkoa, operating proximity supermarkets under the BM Supermercados and Super Amara banners with a model built on fresh, locally sourced products and service quality. The group runs 344 stores across northern and central Spain, spanning the Basque Country, Cantabria, Navarra, La Rioja and a growing Madrid footprint, supported by logistics platforms in northern Spain. It posted net sales of about EUR 1.27 billion in 2025 and employs more than 7,000 people.

Ownership journey

Uvesco was formed in 1993 in Irun through the merger of two family-owned distribution businesses, Unialco SL of Gipuzkoa and Cantabria-based Ves SL. The founding families controlled the group until PAI Partners agreed in December 2021 to acquire a majority stake through its PAI Mid-Market Fund, a transaction completed in April 2022 with existing shareholders retaining a relevant minority interest. PAI agreed the sale of its entire shareholding in December 2025 and exited in 2026 via a secondary sale, with closing completed in the first quarter of the year.

Under PE ownership

Under PAI Mid-Market Fund ownership from April 2022, Uvesco extended its reach well beyond its northern Spanish base. Revenue rose by more than a third, from EUR 954 million in 2020 before entry to roughly EUR 1.3 billion in 2025, while the store network grew from 277 at the December 2021 investment announcement to 344 at exit, combining around 50 new store openings with acquired sites. The flagship build-up was the February 2024 acquisition of 31 Hiber supermarkets in the Madrid region, plus one site under development and around 800 employees, cementing the group's push beyond its Basque heartland. Group headcount exceeded 7,000 by the time of PAI's exit.