Portobello buys Spanish resorts chain Blue Sea

The GP acquired a majority stake via its third fund, Portobello Fund III, while the management team will continue to lead the business.

In a statement, the GP said it aims to support the company's expansion strategy through a consolidation play in its sector. Three acquisitions are already in the pipeline, according to the business.

The deal is the last acquisition for the GP's third vehicle, which held a €375m final close in September 2014 and currently has eight companies in its portfolio, following the sale of elderly care homes business Vitalia Home to CVC Capital Partners in April 2017.

Concurrently to the present acquisition, the GP announced a first closing on €500m for Portobello IV.

Company
Blue Sea is headquartered in Palma de Mallorca and manages 22 hotels in Mallorca, Tenerife, Lanzarote, Benidorm, Torremolinos and Costa Brava. According to a statement, the company own 74% of its resorts, while the remaining assets are under rental and management schemes.

Founded in 2010, the business focuses on three- and four-star hotels. It generated a turnover of €55m and €10m of EBITDA in 2016.

People
Portobello Capital – Iñigo Sánchez-Asiaín (co-founding partner).
Blue Sea Hotels & Resorts – Sebastiá Catalá Santandreu (CEO).

Advisers
Equity – MBD (commercial due diligence); CMS Albiñana y Suárez de Lezo (legal); The Boston Consulting Group (other due diligence).
Vendor – KPMG (financial due diligence); Moreno Gautreau Attorneys (legal).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Spain
• Portobello Capital