Private equity firm Platinum Equity has acquired a majority stake in Iberconsa, a Spanish seafood provider, from Portobello Capital.
Iberconsa sells frozen seafood products including hake, Argentine red shrimp and squid in more than 60 countries.
It owns a fleet of 45 vessels, which operate primarily in Argentina, Namibia and South Africa, and has five processing plants and four cold storage distribution facilities.
The investment will be used to help the business grow through acquisition and operational efficiencies.
Louis Samson, Platinum Equity Partner, said: “Iberconsa has established itself as a leader in the markets it currently serves.”
Alberto Freire, CEO of Iberconsa, who will continue to lead the business, added: “We believe in the future of our company and are confident that Platinum Equity is the right partner to help us achieve the next stage of growth and expansion.”