Platinum Equity to Acquire Spanish Seafood Provider Iberconsa From Portobello Capital

LOS ANGELES, March 07, 2019 (GLOBE NEWSWIRE) -- Platinum Equity today announced the signing of a definitive agreement to acquire a majority stake in Grupo Ibérica de Congelados, S.A. (“Iberconsa”) from Portobello Capital and affiliates of the company’s founding families. The sellers and members of the Iberconsa management team will be minority investors alongside Platinum Equity. Financial terms were not disclosed. The transaction is expected to close in Q2 2019.

Headquartered in Vigo, Spain, Iberconsa is a global provider of frozen seafood products, including hake, Argentine red shrimp and squid. The company is vertically integrated across the full value chain, including wild catch, processing, commercialization and distribution.

“Iberconsa has established itself as a leader in the markets it currently serves,” said Platinum Equity Partner Louis Samson. “The company has grown substantially in recent years and can benefit from Platinum’s operational expertise to help maximize the benefits of its increased scale. We also intend to further grow the business through new acquisitions by deploying our M&A resources to help the management team expand the company’s product portfolio and geographic reach.”

Iberconsa maintains an owned fleet of 45 vessels, five processing plants and four cold storage distribution facilities. Iberconsa’s fleet operates primarily in Argentina, Namibia and South Africa, and the company’s products are sold in more than 60 countries.

“We are proud of everything Iberconsa has accomplished during our ownership, expanding its fleet and establishing itself as a strong platform for additional growth in a fragmented market,” said Juan Luis Ramírez, Founding Partner at Portobello Capital. “We are re-investing in the business because we believe it is well positioned for continued success.”

Iberconsa CEO Alberto Freire will continue to lead the business following the transfer of ownership.

“We believe in the future of our company and are confident that Platinum Equity is the right partner to help us achieve the next stage of growth and expansion,” said Mr. Freire. 

Platinum Equity’s proposed acquisition of Iberconsa is the latest example of the firm’s increasing momentum in Europe. Last year Platinum Equity completed the $2.1 billion acquisition of Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson & Johnson. The firm also acquired Wyndham’s European vacation rental business for $1.3 billion.

Platinum Equity sold Exterion Media to British media and entertainment group Global in November 2018, and sold Paris-based Worldwide Flight Services to Cerberus Capital Management, L.P. in October 2018 in a transaction valued at approximately €1.2 billion.

Lazard and Deloitte are serving as financial advisors to Platinum Equity on the acquisition of Iberconsa. Latham & Watkins is serving as Platinum Equity’s legal advisor on the transaction.

Nomura and Ernst & Young (“E&Y”) are serving as financial advisors to the sellers. E&Y is also serving as the sellers’ legal advisor on the transaction.