PAI Partners signs deal for Spanish surimi maker, which itself has a majority stake in the Italian salmon smoker Riunione.
In a press release, PAI Partners, a leading European private equity firm, through its newly raised fund specialised in mid-market opportunities, PAI Mid-Market Fund (PAI MMF), has acquired a majority stake in Angulas Aguinaga, a Spanish specialist in modern fish and fish-based ready meal solutions, from private equity firm Portobello Capital.
PAI Partners owns 50 per-cent of one of France’s main smokehouses Labeyrie Fine Foods, which in turn, owns Farne Salmon & Trout.
After the signing of this agreement, the current shareholders will reinvest in the company and continue to hold a 49.9 per-cent stake. The completion of this transaction is subject to customary regulatory approvals.
Angulas Aguinaga owns Spanish fish and seafood brands La Gula del Norte, Krissia, and Aguinamar. This year, under the ownership of Portobello Capital, Angulas Aguinaga acquired the Italian salmon distributor, Riunione. Angulas Aguinaga reached a turnover of EUR 220 million in 2019.
“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,” wrote PAI Partners.
“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,” it added.
“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,” said Angulas Aguinaga CEO Ignacio Muñoz. “We are grateful that the current shareholders are also staying on board to accompany us on our growth path in the coming years”.
