A product belonging to the brand La Gula del Norte, of Angulas Aguinaga. (Photo: Angulas Aguinaga)
US fund shows interest in buying Angulas Aguinaga
Wednesday, April 29, 2015, 23:30 (GMT + 9)
The fund HarbourVest Partners, from the United States, is interested in acquiring a group of firms from the risk capital Spanish company Portobello, among which is Angulas Aguinaga.
Industry sources stressed that the supply of such fund offers Portobello the possibility to at once sell all the companies on which it invested in the last nine years.
The partners of the firm, led by Iñigo Sanchez Asiain, Ramon Cerdeiras, Juan Luis Ramirez, Luis Peñarrocha and Fernando Chinchurreta, had planned to get rid of their holdings after September last year when it was possible to settle the capital raising of the largest venture capital fund since the outbreak of the financial crisis, El Confidencial reported.
According to this media source, in just nine months, Portobello captured EUR 375 million that was quickly invested, as evidenced by the purchase of IAN, the manufacturer of the well-known brand Espárragos Carretilla, an operation that was settled in March.
The US fund's offer would rate the current portfolio of Portobello at between EUR 400 million and EUR 500 million. This would mean the implementation of a ratio of about eight times the operating profit of the investees.
Angulas Aguinaga began operating in 1974 and is considered the largest company in the fishing and elver trade sector today.
In 1991, the company created La Gula del Norte, a natural product that substitutes eels and boasts the protection from two patents in which the inventive nature of the product and the manufacturing process is recognized.
Since then, La Gula del Norte has become the undisputed promoter of the category, leading a new category in the market and becoming an expert in surimi in Spain.
If Spanish managers accept the proposal from HarbourVest, they would be able to get rid of companies that, unlike Angulas Aguinaga or Mediterranea de Catering, have offered trouble, such as Veinsur (trucking firm) and Festa (fashion chain that has been subjected to creditors’ meeting phase).
Moreover, they could focus all their time on investing the new fund to put to work the captured money, with the consequent commissions.
By Analia Murias