Portobello Capital sells Cie to BlackRock

The company is listed on the Madrid Stock Exchange.

The GP is understood to have sold a stake of around 3.5%. Rising share prices led to a €678m valuation of the company at the end of last week.

The sale has returned a 3.1x money multiple and 68.96% IRR to Portobello Capital Fund I. 

The transaction was managed by JB Capital Markets.

Previous funding
In June 1999, Ibersuizas bought a minority stake in the firm as part of a management buyout. Portobello is a spin-out house of Ibersuizas and inherited two of the parent company's funds in 2011.

Company
Founded in 1996 and based in Bilbao, Cie designs, manufactures and sells car components in Europe, America and Asia.

The firm has followed an aggressive acquisitive growth strategy including the bolt-on of Grupo Recyde, backed by Diana Capital. 

People
Juan Luis Ramirez is a founding partner at Portobello and monitored the Cie investment.

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