Iberconsa one of Spains "top three" frozen seafood companies, Portobello said

Iberconsa one of Spain's "top three" frozen seafood companies, Portobello said

Spain-based private-equity firm Portobello Capital has snapped up a majority stake in local frozen seafood business Ibérica de Congelados.

Portobello has acquired the unspecified shareholding from the three families that set up the Vigo-based group. Financial terms were not disclosed.

The company, also known as Iberconsa, is a vertically-integrated company, with a presence in the fishing, manufacturing, distribution and marketing of frozen seafood products. Its production focuses around three species: hake, squid and shrimp.

Iberconsa exports 45% of its sales. It supplies retail and foodservice customers.

Portobello partner Juan Luis Ramírez said: "We are very excited to take part, together with the management team and the founding families, in this new stage of Iberconsa's development. Both in the fish capture and marketing areas, there are big opportunities for consolidation and growth within this industry. Thanks to the consumption trends and its nutritional quality, fish protein is growing significantly within the food industry."

Alberto Freire, Iberconsa's CEO, said the sale "highlights Iberconsa's capacity to become a platform to consolidate the industry and recognises Iberconsa's track record". The management team will stay with the business. Founder David Ramos is Iberconsa's chairman.