Portobello Capital raises €350m secondaries fund

Alessia Argentieri
11 November 2020

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Portobello Capital has raised a new secondaries vehicle, Portobello Secondary Fund II, with a €350m target.

Portobello Secondary Fund II will be dedicated to promoting the growth and internationalisation of two companies owned by Portobello: fish specialist Angulas Aguinaga and ready-to-eat meal producer Industrias Alimentarias de Navarra (IAN).

The vehicle will control a 40% stake in Angulas, which was previously owned by Portobello Secondary Fund I, and the entire share capital of IAN, which was previously held by Portobello Fund III.

This transaction will provide liquidity to the investors in the two funds and benefit both companies, which will be able to receive further support.

The GP intends to boost the growth and expansion of Angulas and IAN in the next five years, reinforcing its commitment. The new fund will also have an additional €100m available to finance future acquisitions made by the two companies.

The new fund will be led in partnership with HarbourVest, a global specialist in alternative investments with more than $69bn in assets under management.

Portobello acquired IAN via its €375m third fund from Viscofan for €55.8m in March 2015. The company employs 1,800 staff and operates production facilities located in Cáceres, Spain, and Lingbao, China.

Established in 1990, Angulas 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. The company recorded revenues of €220m in 2019.

Portobello recently sold a stake in a Angulas to PAI Partners, in a deal that valued the company at €400-450m. Following the transaction, PAI owned a 51% stake, while Portobello and the company's founding family reinvested in the business and continued to be part of its shareholding structure with a 49.9% stake.

Earlier this year, the GP launched Portobello Structured Partnership I, a vehicle targeting minority investments across Spain; the fund has a €250m target and €300m hard-cap.

In addition to this new fund, Portobello is currently managing Portobello Capital Fondo IV, which closed on €600m in December 2017, surpassing its €570m hard-cap. The fund is now around 60% deployed and invests in Spanish mid-market companies operating in a variety of sectors, with enterprise values of €50-500m, deploying equity tickets in the €30-100m range.