Portobello Capital Fund III acquires IAN
Portobello Capital Fund III acquires Industrias Alimentarias de Navarra, a leader in the canned vegetables and prepared food in Spain, owner of Carretilla
Engaged in the manufacturing of canned vegetables and ready-to-eat meals, Industrias Alimentarias de Navarra (IAN) with revenues in excess of €110m in 2014 has two factories in Spain, Navarra and Cáceres, and one in Ling Bao, China. As of today IAN has 1,800 employees.
Amongst the different brands used by the company it is “Carretilla”, absolute leader in quality and sales of asparagus and ready-to-eat meals. IAN has a diversified client base including the main Spanish retailers and HORECA agents. Exports represent around 25% of revenue.
IAN will undertake an expansion plan that will enable the Company to increase its market share and reach the growth and leadership goals pursued with its integration in Portobello Capital. Measures included in the aforesaid plan are manufacturing process optimization; inorganic growth via acquisitions; further investments in R&D; increase its offer with the development of new products and the increase in exports.
Portobello Capital is a private equity leader in the “Middle Market” in Spain. Founded in 2010 by Iñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón Cerdeiras, Luis Peñarrocha and Fernando Chinchurreta. Currently managing two funds with AuM of €700m, and diversified portfolio of 9 companies including, among others, Angulas Aguinaga (manufacturer of sea-products such as La Gula del Norte or Krissia), Multiasistencia (home insurance claims management), Mediterránea de Catering (catering provider in hospitals, schools and companies) and Ice Cream Factory (private label ice cream producer).
In August 2014 Portobello Capital closed its Fund III with €375m, the biggest fund raised in Spain since the beginning of the crisis.