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The Ice Cream Factory is an international food & beverage company specialized in the development, manufacture and commercialization of ice-creams.

Type of Operation



Portobello Secondary Fund I

Investment date

Jul 2015 / Exit date: May 2019


Ice-creams manufacturer

Present in 19 countries and manufacturing over 150 million units a year, ICFC is the market leader with more than 40% market share in Spain.

Why did we invest in The Ice Cream Factory?

  • Uncorrelated growth: Growing market: private label increasing share in Spain and Italy.
  • Quantitative leaps:
    • Internationalisation potential – France and Italy.
    • Co-branding opportunities
  • Industry Leader: Market leader – 40% market share in Spain.
  • Strong entry barriers.