Portobello buys Viscofan's IAN for €55.8m

Under Portobello's tenure, the company will undertake an acquisitive growth strategy and invest in new product development.

Capital for the transaction was drawn from Portobello Capital III, a €375m vehicle that reached a final close in September 2014.

Viscofan and Portobello entered into exclusive talks over the deal for IAN on 10 November 2014, although the period ended on 23 February without an agreement between the sides. The GP subsequently submitted a revised bid, which was accepted by the vendor.

Viscofan stated the sale was motivated by the decision to divest non-core assets and focus on its product-packaging business.

The deal comes shortly after Lion Capital's Findus acquired La Cocinera, another Spanish packaged food business, from Nestlé.

Company
Headquartered in Navarra and founded in 1975, IAN produces pre-packaged ready meals and vegetables. The business operates under the La Carretilla brand.

IAN employs a total of 1,800 staff, with additional factories in Cáceres, Spain, and Lingbao, China. The company generated a turnover of around €110m in 2014, of which 25% came from exports.

People
Iñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón Cerdeiras, Luis Peñarrocha and Fernando Chinchurreta are co-founders of Portobello Capital.

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Spain
• Unq2015Apr