Investor's Login

Back to Portfolio

Hoffman is the Europe’s leading digital album sales company.

Type of Operation



Portobello Fund II

Investment date

Feb 2009 / Exit date: Dic 2014


Digital photobooks manufacturer

Hofmann is a company headquartered in Valencia, founded in 1922, which after adapting its traditional products to the current times, in 2005 it started to produce personalized digital albums, a market in which it has achieved to position itself as a European leader with internet sales. Its range of products now includes personalized posters, mugs or canvasses. It has a German subsidiary through Posterjack.

Why did we invest in Hofmann?

  • Uncorrelated growth: Superior market niche growth with low penetration rates compared to other developed countries.
  • Quantitative leaps: Development of new products and channels to market.
  • Uniquely positioned to become a Pan-European player.
  • Industry Leader: Clear leadership position in Iberia: +50% market share.
  • Proven and unique business model (cost leader and highest value-added products).
  • Best-in-niche CEO: Mr. Fernandez, +35 years at the company and strong reputation in the market, remained as a shareholder.
  • High cash conversion rates with low capex and negative working capital.
  • Over one million loyal and growing viral customer base – main promoters of product.


Portobello Capital has sold its stake in Hofmann to Photobox in December 2014.