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Portobello Capital invests in Ramón Sabater

Madrid, March 17th, 2016.

The Spanish Private Equity Firm has acquired a significant stake in Ramón Sabater, a leading company in the processing and distribution of paprika, spices and herbs.

Ramón Sabater, a world leader in manufacturing, processing and distribution of paprika, produces eight of its varieties highlighting the sweet paprika, cayenne and chili powder, and a large number of different spices and herbs for the food industry.

The company is based in Murcia, and has offices in USA (Miami) and China (Qingdao), the company exports 90% of its sales and its products are sold in more than 70 countries. Its main customers are large producers in the food industry that use spices in the preparation of their products (meat, sauces, ready to eat food, soups…), as well as spices packers.

Ramón Sabater has a full lab team specialized in chemistry, microbiology and food technology. The company uses the most effective computer systems and the best automated control systems to obtain the highest levels of traceability and total control, ensuring the highest quality.

The company will keep its management team that is chaired by Mr. José Sabater, who has over 30 years of experience at the company.

Luis Peñarrocha, Partner at Portobello Capital, said: “We are very pleased with this investment. We strongly believe in the potential of Ramón Sabater and that best practices in food safety and quality, along with our resources and expertise, will accelerate growth and increase value creation of the company.”

José Sabater, CEO at Ramón Sabater, remarked: “Ramón Sabater starts with enthusiasm this new step to boost its expansion with the support of Portobello Capital. We are convinced that the proven capacity of our new partner to effect the transition from family businesses to the capital markets will enable Ramón Sabater consolidate its leadership position in the industry worldwide.”

Portobello Capital is a leading independent middle market private equity manager in the Iberian Peninsula, it is managed by Íñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón Cerdeiras and Luis Peñarrocha, founding partners.

The Portobello Capital Fund III, the largest in Spain in recent years, was closed in 2014 at 375 million euros. Since then, Portobello Fund III has invested in five companies: Vitalia Home (elderly care homes), Industrias Alimentarias de Navarra (canned vegetables and ready-to-eat meals under the Carretilla brand) and EYSA (technology services and solutions aimed at improving mobility in cities), Iberconsa (frozen seafood products) and Laulagun Bearings (large bearing for windmills). In July 2015 Portobello closed its first secondary fund, the “Portobello Capital Secondary Fund I”, that comprises all the portfolio companies of Portobello Capital Fund II, including amongst others: Ice Cream Factory (private label ice cream manufacturer), Mediterránea (catering services for hospitals, schools and companies), Angulas Aguinaga (value-added, ready-to-eat and refrigerated fish products), Multiasistencia (outsourcing of home insurance claims management for banks and insurance companies) and GrupoUno CTC (outsourcing of marketing, merchandising and promotional logistics services).

Advisers

Portobello Capital has been advised in this transaction by: Bain & Company (commercial due diligence), Deloitte (financial, tax and environmental due diligence), Jones Day (legal adviser) and Marlborough Partners (debt counselor).

The selling party has been advised in this transaction by: Natixis Partners (M&A), Garrigues (legal adviser) and Candesic (commercial due diligence).

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