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Iberconsa fishing vessel. (Photo: Iberconsa)
Chinese conglomerate considers bids for Iberconsa
(SPAIN, 8/4/2018)
Chinese conglomerate Legend Holdings Corp. is considering bids for a majority stake in Spanish frozen-seafood seller Grupo Iberconsa, which could be valued at about EUR 600 million.
Another investor interested in the Group from Vigo is Pamplona Capital Management, who has already made a bid, according to Cinco Días.
This Spanish news agency also informed that financial sources indicate that up to six investors have made bids in this preliminary phase.
Madrid-based private equity firm Portobello picked up a majority stake in Ibercosa three years ago, and reports began to emerge in April that a sale was on the cards.
The acquisition of Iberconsa, which sells wild-caught hake, monkfish and squid, would allow the conglomerate Legend to widen the offer of products in its food and agriculture unit Grupo Joyvio.
Legend formed KB Food, a joint venture with Australian fisherman Kalis Bros, in 2016. One of the conglomerate's units that lists in the exchange, Joyvio Agriculture Development Co., purchased Qingdao-based fish importer Starfish last year.
Legend is the biggest shareholder in Chinese laptop maker Lenovo Group Ltd. with a 29 percent stake, the Bloomberg-compiled data show. It also controls venture capital fund Legend Capital and buyout firm Hony Capital.
With the sale of Iberconsa, Portobello starts a divestment process of its third fund, with EUR 375 million. Through this capital risk vehicle, registered in the CNMV in June 2014, it has shares in eight firms apart from Iberconsa, one of which is Angulas Aguinaga.
Grupo Iberconsa traded over 100,000 tonnes of products last year and it closed the financial year with an invoice volume of EUR 325 million. It is the company that closely competes with Nueva Pescanova, whose invoice volume reaches EUR 1 bllion annually.
Related article:
- Portobello fund to sell its stake in Iberconsa
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