PAI Partners has announced its acquisition of a majority stake in seafood company Angulas Aguinaga from Portobello Capital and the founding family.
The private equity firm is investing in the Spanish business through its newly raised fund specialised in mid-market opportunities, PAI Mid-Market Fund.
Angulas Aguinaga offers a range of fish and fish-based ready meal products. The company’s portfolio of brands includes La Gula del Norte, Krissia and Aguinamar.
After the signing of this agreement, the current shareholders will reinvest in the company and continue to hold a 49.9% stake.
Angulas Aguinaga aims to become a multinational food player and expects to double its turnover in the next six years, according to PAI.
As majority owner of Angulas Aguinaga, PAI will support the company in expanding its product offerings, strengthening its current brands 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,” said 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.”
The financial terms of the transaction have not been disclosed.
PAI Partners also just announced its acquisitions of Winterbotham Darby and Addo Food Group to create a ‘leading UK chilled food platform’.
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