A vessel of the important fishing fleet belonging to Iberconsa. (Photo: Iberconsa)

Portobello fund to sell its stake in Iberconsa

Venture capital fund managing firm Portobello Capital has decided to sell its 55 per cent stake in the Galician company Iberconsa, based in Vigo.

The group traded more than 100,000 tonnes of products last year and closed the year with a turnover of EUR 325 million. It is the company that competes most closely with Nueva Pescanova, whose turnover reaches EUR 1 billion annually. Despite the size difference, in 2017 Iberconsa obtained an EBITDA of more than EUR 60 million, compared to EUR 81 million reported by Pescanova.

The company has made significant investments in the acquisition of companies and ships, and in signing joint ventures in Argentina, Namibia and South Africa. With its latest acquisition, the Argentine company Pesquera Santa Cruz, now has a fleet composed of 42 ships, which makes it one of the largest shipbuilders in the European Union.

According to Cinco Días, Portobello has hired Japanese investment bank Nomura to probe the market in search of potential buyers, and hopes to have the book ready for the month of May.

With the sale of Iberconsa, Portobello begins the divestment process of its third fund, with EUR 375 million. Through this venture capital vehicle, registered with the CNMV in June 2014, it has interests in eight companies in addition to Iberconsa, one of which is Angulas Aguinaga.

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Address:	Muelle Comercial de Bouzas, 20 Ap.640
City:	Vigo
State/ZIP:	Pontevedra, Galicia (36208 )
Country:	Spain
Phone:	+34 986 213 300
Fax:	+34 986 2046 669
E-Mail:	[email protected]
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