Portobello Capital exits Multiasistencia

Alessia Argentieri
23 July 2018

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Portobello Capital has sold its majority stake in Servicios Compartidos Multiasistencia to insurance specialist Allianz Partners.

In addition to the stake acquired from Portobello, Allianz Partners also bought the remaining holding in the company from its minority shareholders, becoming the sole shareholder of the business.

According to a statement, the deal will see Multiasistencia remain an independent and market-neutral service provider, benefiting from Allianz Partners' strong position in the European market.

The sale ends an eight-year holding period for Portobello, which inherited a majority stake in Multiasistencia following the GP's controversial spinout from Ibersuizas. Under Portobello Capital's management, Multiasistencia expanded internationally and increased its investments in digitalisation.

Previous funding
Ibersuizas acquired Multiasistencia in 2010. Details surrounding the terms of the deal were not disclosed, though it is believed that the firm's founder, Nicolás Luca de Tena, was looking for a valuation of 8-9x EBITDA, which would value Multiasistencia at around €150-200m.

Portobello was established in 2010 as a spinout from Ibersuizas, and inherited two private equity funds managed by its former parent; the vehicles were renamed Portobello Capital Fund I and Portobello Capital Fund II. The latter included within its portfolio a majority stake in Multiasistencia. Portobello further increased its stake in the company with an additional investment made in February 2016.

Company
Established in 1983 and based in Madrid, Multiasistencia specialises in the management of claims for homes and businesses on behalf of insurance companies and other intermediaries. The business operates in Spain, France, Portugal, Italy, Luxembourg and Brazil. It manages more than 1 million files per year and employs 4,000 staff, including 3,000 trade professionals.

People
Portobello Capital – Luis Peñarrocha (partner).
Multiasistencia – Javier Bartolomé (CEO).