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Indas is the national leading manufacturer in the sanitary and hygienic product sector.

Type of Operation



Portobello Fund II

Investment date

March 2007 / Exit date: Jan 2014


Sanitary products

It has a broad range of products, even though most of its solutions focus on developing absorbent and skincare products for patients affected by incontinence.

The extensive international recognition acquired by INDAS has led to its increasing international expansion. INDAS now operates in 30 countries.

Why did we invest in Indas?

  • Uncorrelated Growth: non-cyclical growing market driven by elderly population growth.
  • Quantitave leaps:
    • Introducing 3rd party products through Indas’ proprietary network.
    • Development of distribution channels – pharmacy, consumer.
  • Industry Leader
    • #1 player in market with growing market share.
    • Strong brand, oustanding distribution network and cost advantage.
  • Best-in-niche CEO: identied talent within the existing Marketing Director, promoted him to CEO. He is currently Chairman of Spanish Sanitary Products Association.
  • Recurring revenue with solid EBITDA margins.
  • Attractive cash-flow profile.


Portobello Capital sold its stake in Indas to Domtar in January 2014.