Portobello Capital invests in Laulagun Bearings
Madrid, January 14th, 2016.
The Spanish Private Equity Firm acquires a majority stake within Laulagun Bearings, leading company in bearings manufacturing, specially for the wind energy Industry in Europe.
Laulagun Bearings designs, manufactures and commercialises special large diameter bearings and slewing rings for a wide range of applications. The main business is the wind energy industry but it is involved also in lifting machinery, infrastructure and water treatment industries, among others.
The Company is based in Olaberria. It has a second factory and a Testing and R&D centre, a simulation and validation facility to support product development, in Idiazabal. Both are towns of the Spanish region of Basque Country.
It exports almost 80% of its production. It has presence in the most competitive, and demanding markets of Europe, America and Asia.
The management team will remain in the Company going forward. Jorge Damián is CEO with more than 20 years’ experience at Laulagun Bearings. The strategy for the coming years is to boost its internationalisation and diversify into new clients and markets.
Juan Luis Ramírez, Partner at Portobello Capital, said: “We have been years looking for an industrial company with large growth and international projection. Laulagun Bearings has beaten our highest ambitions”.
Jorge Damián, CEO at Laulagun bearings, remarked: “We are at the beginning of a new and exciting stage of growth and search for excellence, targeting to become a worldclass Company in our product, together with Portobello Capital’s professional team. All of this, keeping our traditional commitment to reliability, competitiveness and attention to our clients’ needs.”
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 four companies: Vitalia Home (elderly care homes), Industrias Alimentarias de Navarra (canned vegetables and ready-to-eat meals), EYSA (smartcity management) and Iberconsa (wild-catch fishing of hake, schrimp and squid). Last July, it closed Portobello 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).
Portobello Capital has been advised by Altamar (M&A), PWC (financial, legal, labour and tax due diligence) y DNV GL (previously Garrad Hassan, market and product due diligence).
Norgestión has been the legal and M&A financial advisor of the vendor.