PAI acquires Angulas Aguinaga from Portobello

The deal gives the company an enterprise value of around €400-450m, Unquote understands.

This investment was made by PAI via its PAI Mid-Market Fund, which has recently held a €500m first close.

The fund has a target of €700m and invests in companies with enterprise values in the €100-300m range that operate in the business services, consumer, healthcare and industrial sectors in Italy, Spain, Germany, France and the Benelux region.

It deploys tickets of €50-150m and pursues a buy-and-build strategy aiming at supporting its portfolio companies' market consolidation and international expansion.

Following the deal, Portobello and the company's founding family will reinvest in the business and continue to be part of its shareholding structure with a 49.9% stake.

Under Portobello's ownership, Angulas Aguinaga consolidated its market position and further boosted its growth both organically and through M&A. The group acquired various fish specialists, including Italian fish distributor Riunione, purchased at the beginning of 2020. The company doubled its turnover in the last five years and reached revenues of €220m in 2019.

With PAI's support, Angulas Aguinaga intends to further bolster its international expansion (with a special focus on Italy and France), enlarge its product offering and reach revenues of €400m by 2026.

Company
Established in 1990, Angulas Aguinaga specialises in the production of fish, seafood, fish-based ready meals and surimi products.

It owns several Spanish fish and seafood brands, including La Gula del Norte, Krissia and Aguinamar. Angulas Aguinaga recorded revenues of €220m in 2019.

People
Angulas Aguinaga – Ignacio Muñoz (CEO).

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