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Portobello Capital acquires Iberconsa

Madrid, December 22nd, 2015.

The Spanish Private Equity Firm continues investing its Fund III by acquiring a majority stake within Ibérica de Congelados, a leading company in the Frozen Seafood Products Industry.

Grupo Iberconsa is one of the top three frozen seafood companies in Spain and the world leader in catch and processing of on-board frozen hake. It is a vertically integrated company, present in fishing, manufacturing, distribution and marketing of frozen seafood products.

Iberconsa is based in Vigo, where it develops its commercial activity, and exports 45% of its sales. It sells through all channels, specially retail and foodservice. Its production focuses around three species: hake, squid and shrimp.

Iberconsa’s fleet includes ships in Argentina, Namibia and South Africa. It has processing plants in Argentina and Namibia, the latter one was renovated recently after a large investment. It owns also a wide network of retail stores and a stake in two refrigerators in the Spanish region of Galicia.

Mr. David Ramos is chairman and founder, and Mr. Alberto Freire, CEO with more than 20 years’ experience at Iberconsa. The management team will remain in the Company going forward as it has been key to the Company’s success.

Juan Luis Ramírez, Partner at Portobello Capital, said: “We are very excited to take part, together with the management team and the founding families, in this new stage of Iberconsa’s development.
Both in the fish capture and marketing areas, there are big opportunities for consolidation and growth within this Industry. Thanks to the consumption trends and its nutritional quality, fish protein is growing significantly within the food industry.”

Alberto Freire, CEO at Iberconsa, remarked: “The agreement reached with Portobello Capital highlights Iberconsa’s capacity to become a platform to consolidate the Industry and recognises Iberconsa’s track record.
We are convinced that the experience and professionality of Portobello Capital’s team will contribute significantly, both on Iberconsa’s strategic planning, as in strengthening internal management and control, as well as reinforcing our financial structure”.

Portobello Capital is a leading independent Mid-Market Private Equity manager in Iberia; Íñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón Cerdeiras, Luis Peñarrocha and Fernando Chinchurreta founded it in 2010.

Its Fund III was closed in 375 million euro in August 2014, being the largest fund raised in Spain in the last years. Since then, Portobello Fund III has invested in three companies: Vitalia Home (elderly care homes), Industrias Alimentarias de Navarra (canned vegetables and ready-to-eat meals) and EYSA (smartcity management). Last July, it closed Portobello Capital Secondary Fund I, that comprises all the portfolio companies of Portobello Capital Fund II, including among others: Ice Cream Factory (private label ice cream manufacturer), Mediterránea (catering services in hospitals, schools and companies), Angulas Aguinaga (value-added fish products, ready-to-eat and refrigerated), Multiasistencia (home insurance claims management) and GrupoUno CTC (outsourcing services in marketing, merchandising and promotional logistics).

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