Vigo seafood producer and fishing company Iberconsa has been acquired by Platinum Equity from Spanish equity manager Portobello Capital and affiliates of the company’s founders in a deal due to be finalised in the second quarter of this year.
Grupo Ibérica de Congelados, S.A. (Iberconsa) is a vertically-integrated provider of frozen seafood products, including hake, Argentine red shrimp and squid.
‘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 maximise the benefits of its increased scale.’
Iberconsa maintains a fleet of 45 vessels, five processing plants and four cold storage distribution facilities, operating 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,’ Alberto Freire commented.