{"id":12801,"date":"2019-03-07T18:38:14","date_gmt":"2019-03-07T18:38:14","guid":{"rendered":"http:\/\/www.portobellocapital.es\/?p=12801"},"modified":"2023-06-12T12:23:23","modified_gmt":"2023-06-12T10:23:23","slug":"platinum-equity-to-acquire-spanish-seafood-provider-iberconsa-from-portobello-capital-2","status":"publish","type":"post","link":"https:\/\/www.portobellocapital.es\/en\/platinum-equity-to-acquire-spanish-seafood-provider-iberconsa-from-portobello-capital-2\/","title":{"rendered":"Platinum Equity to Acquire Spanish Seafood Provider Iberconsa from Portobello Capital"},"content":{"rendered":"

Platinum Equity to Acquire Spanish Seafood Provider Iberconsa from Portobello Capital<\/h1>\n

07\/03\/2019<\/span><\/h5>\n

Platinum Equity today announced the signing of a definitive agreement to acquire a majority stake in Grupo Ib\u00e9rica de Congelados, S.A. (\u201cIberconsa\u201d) from Portobello Capital and affiliates of the company\u2019s founding families. The sellers and members of the Iberconsa management team will be minority investors alongside Platinum Equity. Financial terms were not disclosed. The transaction is expected to close in Q2 2019.<\/strong><\/p>\n

Headquartered in Vigo, Spain, Iberconsa is a global provider of frozen seafood products, including hake, Argentine red shrimp and squid. The company is vertically integrated across the full value chain, including wild catch, processing, commercialization and distribution.<\/p>\n

\u201cIberconsa has established itself as a leader in the markets it currently serves,\u201d said Platinum Equity Partner Louis Samson. \u201cThe company has grown substantially in recent years and can benefit from Platinum\u2019s operational expertise to help maximize the benefits of its increased scale. We also intend to further grow the business through new acquisitions by deploying our M&A resources to help the management team expand the company\u2019s product portfolio and geographic reach.\u201d<\/p>\n

Iberconsa maintains an owned fleet of 45 vessels, five processing plants and four cold storage distribution facilities. Iberconsa\u2019s fleet operates primarily in Argentina, Namibia and South Africa, and the company\u2019s products are sold in more than 60 countries.<\/p>\n

\u201cIberconsa has established itself as a leader in the markets it currently serves,\u201d said Platinum Equity Partner Louis Samson. \u201cThe company has grown substantially in recent years and can benefit from Platinum\u2019s operational expertise to help maximize the benefits of its increased scale. We also intend to further grow the business through new acquisitions by deploying our M&A resources to help the management team expand the company\u2019s product portfolio and geographic reach.\u201d<\/p>\n

\u201cWe are proud of everything Iberconsa has accomplished during our ownership, expanding its fleet and establishing itself as a strong platform for additional growth in a fragmented market,\u201d\u00a0said Juan Luis Ram\u00edrez, Founding Partner at Portobello Capital.<\/strong>\u00a0\u201cWe are re-investing in the business because we believe it is well positioned for continued success.\u201d<\/p>\n

Iberconsa CEO Alberto Freire will continue to lead the business following the transfer of ownership.<\/p>\n

\u201cWe believe in the future of our company and are confident that Platinum Equity is the right partner to help us achieve the next stage of growth and expansion,\u201d\u00a0said Mr. Freire.<\/strong><\/p>\n

Platinum Equity\u2019s proposed acquisition of Iberconsa is the latest example of the firm\u2019s increasing momentum in Europe. Last year Platinum Equity completed the $2.1 billion acquisition of Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson & Johnson. The firm also acquired Wyndham\u2019s European vacation rental business for $1.3 billion.<\/p>\n

Platinum Equity sold Exterion Media to British media and entertainment group Global in November 2018, and sold Paris-based Worldwide Flight Services to Cerberus Capital Management, L.P. in October 2018 in a transaction valued at approximately \u20ac1.2 billion.<\/p>\n

Lazard and Deloitte are serving as financial advisors to Platinum Equity on the acquisition of Iberconsa. Latham & Watkins is serving as Platinum Equity\u2019s legal advisor on the transaction.<\/p>\n

Nomura and Ernst & Young (\u201cE&Y\u201d) are serving as financial advisors to the sellers. E&Y is also serving as the sellers\u2019 legal advisor on the transaction.<\/p>\n

About Platinum Equity<\/p>\n

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations \u2013 a trademarked strategy it calls M&A&O\u00ae \u2013 acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 250 acquisitions.<\/p>\n

About Portobello Capital<\/p>\n

Founded in 2010, Portobello Capital is a leading independent Mid-Market Private Equity manager based in Spain that invests in Southern Europe. It has \u20ac1.3 billion of assets under management, a team of 27 professionals and 15 companies in its portfolio (Angulas Aguinaga, Centauro and Vivanta, among others). Portobello Capital manages two primary funds: Fund III was closed at \u20ac375 million in August 2014 and it is fully invested, and Fund IV of 600m\u20ac closed in February 2018 and is currently being invested. Portobello Capital is also managing a secondary vehicle with \u20ac300 million.<\/p>\n

Platinum Equity<\/a><\/span>
\nExpansi\u00f3n<\/a><\/span>
\nAlimarket<\/a><\/span>
\nEl Economista<\/a><\/span>
\nEuropa Press<\/a><\/span>
\nLa Voz de Galicia<\/a><\/span>
<\/p>\n","protected":false},"excerpt":{"rendered":"Platinum Equity today announced the signing of a definitive agreement to acquire a majority stake in Grupo Ib\u00e9rica de Congelados, S.A. (\u201cIberconsa\u201d) from Portobello Capital and affiliates of the company\u2019s founding families. The sellers and members of the Iberconsa management team will be minority investors alongside Platinum Equity. . .","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"acf":[],"yoast_head":"\nPlatinum Equity to Acquire Spanish Seafood Provider Iberconsa from Portobello Capital — Portobello<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.portobellocapital.es\/en\/platinum-equity-to-acquire-spanish-seafood-provider-iberconsa-from-portobello-capital-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Platinum Equity to Acquire Spanish Seafood Provider Iberconsa from Portobello Capital — Portobello\" \/>\n<meta property=\"og:description\" content=\"Platinum Equity today announced the signing of a definitive agreement to acquire a majority stake in Grupo Ib\u00e9rica de Congelados, S.A. 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