King & Wood Mallesons ("KWM") has advised Portobello Capital ("Portobello") on the structuring of its new investment-vehicle, Portobello Secondary Fund II, a fund with a size of €350 million and aimed to the investment in two large food companies. The main objective of the new fund, led by Harbourvest, will be to promote the growth and internationalisation of two of its portfolio companies, Angulas Aguinaga and Industrias Alimentarias de Navarra (IAN), owner among others of the Carretilla brand products.
The new Secondary Fund II will include a 40% stake in Angulas Aguinaga, which was previously owned by Portobello Secondary Fund I (2015), and a 100% stake in Industrias Alimentarias de Navarra, which was previously owned by Portobello Fund III (2014). The new fund will also have an additional €100 million to undertake future acquisitions in both companies.
The KWM team that has advised Portobello in this deal was led by Funds Partner Isabel Rodríguez. Other relevant members have been partners Ildefonso Alier (Funds), Pablo Díaz (Corporate) and Pablo Tejerizo (Tax).
Isabel Rodríguez points out: “As we have noticed over the last few months, secondary deals are becoming more frequent in the Spanish market. They present a good blueprint for divestments from remaining portfolio companies and to liquidate previous investment vehicles maintaining the profitability for investors. With no doubt during next year we will see more deals following this strategy”.
Previously, King & Wood Mallesons advised Portobello Capital on the structuring of its funds I to IV and on the secondary deal Portobello Secondary Fund I.