Platinum Equity buys Iberconsa in SBO

According to press reports, the company was valued at around €600m, which would equate to 8.6x its 2018 EBITDA.

Portobello Capital and Iberconsa's management team reinvested in the business alongside Platinum Equity, retaining a minority stake. According to the deal, Iberconsa CEO Alberto Freire will continue to lead the company.

Platinum Equity intends to further boost the company's growth and consolidate its market position through new acquisitions, as well as expand its product offering and geographical reach.

The GP is currently investing from its $6.5bn global buyout fund, Platinum Equity Capital Partners IV, and from Platinum Equity Small Cap Fund, a $1.5bn buyout vehicle focused on investment opportunities in the lower-mid-market, specifically companies with revenues of up to $450m and EBITDA up to $45m.

Portobello Capital acquired a stake of around 55% in Iberconsa in December 2015 via its €375m third fund in a deal that was reportedly valued at around €120-150m.

Under Portobello's ownership, the company expanded its fleet and established itself as a large platform in the seafood market.

Company
Headquartered in Vigo, Iberconsa is a global provider of frozen seafood products, including hake, red shrimps and squid. The company operates across the full production chain, including wild catching and fishing, processing, marketing, and distributing frozen seafood products.

Iberconsa manages a fleet of 45 vessels, five processing plants and four distribution facilities. Its fleet primarily operates in Argentina, Namibia and South Africa, and the company's products are sold in more than 60 countries worldwide. According to press reports, the company generated EBITDA of €70m from revenues of around €300m in 2018.

People
Platinum Equity – Louis Samson (partner).
Portobello Capital – Juan Luis Ramírez (founding partner).
Iberconsa – Alberto Freire (CEO).

Advisers
Equity – Lazard (corporate finance); Deloitte (corporate finance); Latham & Watkins (legal).
Company – Nomura (corporate finance); EY (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Platinum Equity
• Portobello Capital
• Spain
• Secondary buyout