M&A Deal Summary

PAI Partners Acquires Angulas Aguinaga

On November 9, 2020, private equity firm PAI Partners acquired food company Angulas Aguinaga from Portobello Capital

Acquisition Highlights
  • This is PAI Partners’ 14th transaction in the Food sector.
  • This is PAI Partners’ 6th transaction in Spain.

M&A Deal Summary
Date 2020-11-09
Target Angulas Aguinaga
Sector Food
Buyer(s) PAI Partners
Sellers(s) Portobello Capital
Deal Type Secondary Buyout

Target

Angulas Aguinaga

Gipuzkoa, Spain
Angulas Aguinaga specializes in the production and sale of value-added fish products; ready-to-eat and refrigerated. Angulas Aguinaga was established in 1974 and is based in Gipuzkoa, Spain.

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Buyer(S) 1

Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.

DEAL STATS #
Overall 70 of 92
Sector (Food) 14 of 18
Type (Secondary Buyout) 28 of 46
Country (Spain) 6 of 7
Year (2020) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 Addo Food Group

Nottingham, United Kingdom

Addo Food Group is a food company specializing in chilled savory foods, including pork pies, quiche, savory pies, sausage rolls, pasties, slices, and Scotch eggs. The company produces including sausage rolls, scotch eggs, and pies for some of the UK’s best-known brands, such as Pork Farms, Wall’s, Bowyers and Millers Bakery. Addo Food Group was founded in 1786 and is based in Nottingham, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-20 Grand Frais

Givors, France

Grand Frais is a fresh food retail specialist, offering under one roof an extensive selection of quality fresh products (fruits & vegetables, seafood, meat, dairy and grocery). Grand Frais was founded in 1992 and is based in Givors, France.

Buy -

Seller(S) 1

SELLER

Portobello Capital

Madrid, Spain

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 2.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Portobello Capital is a private equity firm focused on acquiring on acquiring middle-market Spanish companies. Portobello prefers unique investment situations where the Firm can step in. These include broken deals, situations where shareholders are misaligned, or complex transactions. Portobello targets businesses valued from €50 to €500 million where the Firm can invest €10 to €100 million. Portobello Capital does not have any sector preferences although the Firm will not invest in financial services, real estate, or IT. Portobello Capital was formed in 2010 and is based in Madrid.

DEAL STATS #
Overall 10 of 13
Sector (Food) 3 of 3
Type (Secondary Buyout) 4 of 6
Country (Spain) 10 of 13
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-13 AGQ Labs

Seville, Spain

AGQ Labs is a group of laboratories providing testing services, advanced essays and specialized services. Leading technological centre offering value-added services to industrial customers within the food, agronomy, environment, mining and health and safety industries. AGQ Labs was founded in 1993 and is based in Seville, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-10 Poligof

Pieve Fissiraga, Italy

Poligof is a manufacturer of backsheet for hygiene disposable products. Poligof operates production facilities in Italy, Russia, India and sells its products to the global market. Poligof projects and activities have always been focused on growth and expansion, being a company that invests in innovation, development, technology, and production efficiency. Poligof was formed in 1979 and is based in Pieve Fissiraga, Italy.

Buy -
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