Portobello invests in Ramón Sabater

The GP drew down equity from its third vehicle, Portobello Capital Fund III. According to press reports, the GP's offer back in December 2015 was for a 100% stake with an equity ticket estimated at €110m, equating to around 10x the company's EBITDA. Portobello was not available to confirm at the time of publication.

As part of the deal, the management team will continue to lead the business.

Portobello Capital Fund III reached a final close on €375m in 2014, exceeding its €340m target. The investment in Ramón Sabater is the vehicle's sixth transaction and fifth in the food products sector.

Company
Headquartered in Murcia, Spain, Ramón Sabater was founded in 1905. The company manufactures, processes and distributes paprika, spices and herbs, and pursues product development projects in its chemistry and microbiology laboratory.

The business has additional offices in the US and China, and claims to export 90% of its products. According to press reports, the company generates a turnover in the €55-60m bracket.

People
Portobello Capital – Luis Peñarrocha (founding partner).
Ramón Sabater – José Sabater (chair).

Adviser
Equity – Bain & Company (commercial due diligence); Deloitte (financial due diligence, tax, enviromental due diligence); Jones Day (legal); Marlborough Partners (debt advisory).
Vendor – Natixis Partners (M&A); Garrigues (legal); Candesic (commercial due diligence).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Spain