Acquired: Majority stake in frozen hake producer Iberconsa

The Spanish venture capitalists operating Portobello Capital have acquired a majority stake in Ibérica de Congelados (Iberconsa), a processor of frozen hake, by tapping into its Fund III.

Iberconsa is a fully vertically integrated company, working with leaders throughout the supply chain, from capture and processing to marketing and distribution. According to esRadio, the Iberconsa group is the third largest operator in the seafood sector in Spain and is the world’s first firm to capture and produce frozen hake on board.

The Vigo-based company has three focal species: hake, squid and shrimp. The firm operates vessels out of Argentina, Namibia and South Africa, with processing plants in the two former nations. Nearly 45 percent of Iberconsa’s sales come from exports.

Portebello Capital has assured that Iberconsa will retain its management team –which is led by Iberconsa founder David Ramos and company CEO Alberto Freire – moving forward. Juan Luis Ramirez, a Portebello Capital partner, told esRadio that the venture firm is “very excited” for its future with Iberconsa.

"This is a sector with great opportunities for consolidation and growth, both in the area of fishing and marketing, within the world of food ,” Ramirez said.