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Angulas Aguinaga is a Spanish company with over 40 years’ experience.

Type of Operation

Buyout

Fund

Portobello Secondary Fund I

Investment date

Jul 2015

Activity

Value-added fish products

Since the 90s it is a pioneer in the production and commercialization of surimi based products, starting with the highly regarded “Gula del Norte” brand. From 2000 onwards Angulas Aguinaga has increased its product offer first with Krissia (crab sticks) followed by a wide range of sea products such as shrimps, mussels, octopus, salmon and its derivatives.

Angulas is the national leader in production and sale of value-added fish products; ready-to-eat and refrigerated. Internationally its focus is Europe and Latin America, markets where Angulas Aguinaga is increasing its sales year on year.

Why did we invest in Angulas Aguinaga?

  • Uncorrelated growth: strong niche market growth. New consumer trends in healthy products, refrigerated and ready-to-eat.
  • Quantitative leaps:
    • Access to distribution channels, allowing to launch new products.
    • Superior R&D, resulting in a wide range of new product lines.
  • LIndustry Leader: Absolute leader in chilled baby-ell (83%) and crabsticks (70%).
  • Best-in-niche CEO: Mr. Luna and management team had huge experience in the sector.
  • Strong cash flow generation and high EBITDA margins.
  • Defensible market position: strong brands, top quality, leader in private label, diversified clients.