Portobello eyes September final close for fund IV, buys five dental clinics

Amedeo Goria
09 August 2017

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Spanish buyout house Portobello Capital has signed the first acquisition for its latest vehicle, Portobello Capital Fondo IV, and is eyeing a final close at the end of Q3 2017.

Following the first closing on €500m in July 2017, a source close to the GP told unquote" that the fund manager had raised €40m in additional commitments at the time of publication, and aims to reach a final close by the end of Q3 2017.

The fund is domiciled in Madrid and has a €600m hard-cap, the source said, and was included in the most recent €160m call of Spanish state-backed fund-of-funds Fond-ICO. Quest Fund Placement is acting as placement agent for the GP.

The fourth fund has already inked its first deal with the acquisition of five Spanish companies operating in the dental care segment. These businesses include Plenido Dental, which is understood to be the smallest business and was previously backed by Spanish private equity house Realza Capital; and Unidental, which manages 160 clinics with 700 employees and generated €26.8m in revenues in 2016, according to Spanish press reports.

The acquisition follows two recent purchases made through the GP's third vehicle: resorts chain Blue Sea and the car rental service Centauro. Portobello III currently has nine companies in its portfolio and ended its investment phase. The fund reached a €375m final close in September 2014.

More recently, the GP held a €422m final close for its maiden secondaries-dedicated vehicle, Portobello Secondary Fund I, in July 2015. The vehicle has acquired five companies from the firm's second vehicle, Portobello Fondo II.