Iberconsa, the Spain-based seafood processor, is to get a new private-equity owner in the shape of US fund Platinum Equity .

In a statement made this morning (7 March), Platinum Equity said it had struck a deal to buy a majority stake in Iberconsa.

Since 2015, the Vigo-based frozen-seafood supplier has had Spain-based private-equity firm Portobello Capital as its majority shareholder.

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

Platinum Equity said Iberconsa’s management will remain minority shareholders. Alberto Freire, Iberconsa’s CEO, will continue to lead the business. He said: “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.”

Platinum Equity, set up in 1995 and now investing from its fourth fund, described Iberconsa as a “leader” in its markets.

Louis Samson, a partner at Platinum Equity, said: “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. 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.”

Financial details were not disclosed.