Portobello Capital has acquired a majority stake in Iberconsa, one of Spain’s top three frozen seafood companies, through its third fund which closed in September at €375 million, according to Merco Press.

 

Located in Vigo, Iberconsa is a vertically integrated business, involved in the capture, processing, marketing, and distribution of its products, of which 45% are exported. It is reportedly the third largest business in Spain’s seafood sector, and is the first company in the world to successfully capture and produce frozen hake on board ship, according to Seafood Source.

 

“We are excited to participate in this new life phase Iberconsa is undergoing with its management team and founding families,” Juan Luis Ramirez, Portobello Capital partner, pointed out in a statement reports Merco Press. “This is a sector with great opportunities for consolidation and growth, both in the fishing area as well as in the marketing one, within the world of food in which fish protein grows very significantly thanks to consumer trends and its nutritional quality.”

 

Iberconsa focuses on the production of hake, squid and prawns, and has ships located in Argentina, Namibia, and South Africa. The company also claims processing plants in Namibia, Argentina, and Galicia, a retail store network, and holds shares in two cold storage companies. In 2014 the company reported a turnover of €180 million – ranking it third in the country following Grupo Profand and Pescanova.

 

Upon closing of the deal, Iberconsa will continue to be run by its current management team led by its founder, David Ramos and its chief executive officer, Alberto Freire.