09 Nov 2020

• Portobello Capital and Founding Family will reinvest in the company and continue to be part of its shareholding structure with a 49,9% stake;
• PAI MMF acquires the leading refrigerated fish solutions company in Spain, to continue to support its growth through two main pillars: innovation and people.

PAI Partners, a leading European private equity firm, through its newly raised fund specialised in mid-market opportunities, PAI Mid-Market Fund (“PAI MMF”), today announced the acquisition of a majority stake in Angulas Aguinaga, the Spanish leader in modern fish and fish-based ready meal solutions, from Portobello Capital, one of the leading mid-market private equity firms in Spain, and the founding family.

After the signing of this agreement, the current shareholders will reinvest in the company and continue to hold a 49,9% stake. The completion of this transaction is subject to customary regulatory approvals.

 

Business Plan 2020-2025

Angulas Aguinaga owns some of the most recognised brands in the Spanish fish and seafood convenience industry, such as La Gula del Norte®, Krissia^® and Aguinamar^®. Since the 1990s, the company has shown an outstanding commitment to innovate and revolutionise the food industry for the benefit of consumers. Under the ownership of Portobello Capital, Angulas Aguinaga has grown in each of its core markets, both organically and through M&A, such as with the acquisition at the beginning of 2020 of one of the leading Italian fish distributors, Riunione.

After doubling the company’s size in just five years, Angulas Aguinaga reached a turnover of €220 million in 2019, one year ahead of plan. In 2020, the company announced its new Strategic Plan 2020-2025, which sets the foundations to transform the company into a multinational food player, expecting to double its turnover in the next six years.

PAI will contribute its extensive international resources and its long-standing experience in the food market to accelerate this new strategic business plan, supporting the company in the reinforcement of its already well-known brands; in the expansion of its product offering through the launch of new categories; and in its commitment to internationalisation, with a focus on Italy and France.

“We are very excited about the future that lies ahead. The partnership with PAI MMF will help us activate a new phase in our development, and we look forward to benefitting from PAI’s extensive experience in the food sector, as well as its international platform”, says Ignacio Muñoz, CEO of Angulas Aguinaga. “We are grateful that the current shareholders are also staying on board to accompany us on our growth path in the coming years”.