Portobello to raise fourth fund

The Spanish firm has fully invested its third fund and is gearing up to raise a new fund.

Madrid-based firm Portobello Capital has made the eighth and final investment from its third fund with the acquisition of car rental company Centauro and is preparing to raise a successor fund. The firm declined to comment on fundraising.

Benidorm-based Centauro has fifteen branches across Spain and Portugal and manages a fleet of around 18,000 vehicles. In 2016, the company recorded revenues of €66 million.

“Together with the current management team, led by Erik Devesa, our intention is to provide the capital and the necessary resources to strengthen the expansion plan initiated by the company, which in the last 12 months has led it to increase its presence in four new airports in Spain and Portugal,” Luis Peñarrocha, a partner at Portobello Capital said.

Private Equity International understands the mid-market investor has now turned its sights to raising a successor vehicle to its €375 million fund which it raised in 2014. That fund invested in seven other businesses aside from Centauro, including elderly care homes company Vitalia Home and frozen seafood products supplier Iberconsa.

In July 2015 Portobello executed a GP-led secondaries transaction providing liquidity to investors in its €331 million second fund. HarbourVest Partners became a majority stakeholder in a new Portobello Capital fund – Portobello Capital Secondary Fund I – worth more than €400 million.