• The bank, which initially granted the whole loan, today syndicated €14.5 million with four other financial institutions
  • Industrias Alimentarias de Navarra (IAN), owner of the Carretilla brand, is going through an expansion phase

Bankia has led, underwritten and coordinated €26 million in financing to enable Portobello Capital to acquire Industrias Alimentarias de Navarra (IAN), which owns the Carretilla brand.

In May, Bankia granted €26 million in bilateral financing with the company IAN from Navarre. However, in the last few days the bank has now successfully syndicated €14.5 million of this loan with four other institutions, TargoBank, LaboralKutxa, Bankinter and Caja Rural de Navarra.

Portobello Capital, a leading mid-market private equity manager in Spain, invested in IAN in March after acquiring the stake from Viscofán for its Fondo III, the largest fund that has been raised in Spain since the start of the crisis.

Industrias Alimentarias de Navarra, which manufactures and sells preserved vegetables and ready-made meals, is expanding to increase its market share by optimising its production, acquiring other companies, investing in R&D, developing new products and growing its export market.

With sales of €111 million in 2014 (25% of which come from exports) and 1,800 employees, IAN has two production centres in mainland Spain (Villafranca and Cáceres) and a third centre in the city of Ling Bao, China.

In the first quarter of the year, Bankia granted a total of €27 million in business financing in Navarre. This latest transaction, which took place during the second quarter, therefore represents a major advance in the bank's lending activity in the region this year.

About Portobello Capital: Portobello Capital is a leading private equity fund manager specialising in mid-size companies in the Spanish market. It was founded in 2010 by Iñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón Cerdeiras, Luis Peñarrocha and Fernando Chinchurreta. It currently manages two funds with a total value of €800 million, with a diversified portfolio of nine companies that include Angulas Aguinaga (value-added, ready-to-eat and refrigerated fish products), The Ice Cream Factory (manufacturer of own-brand ice creams), Mediterránea (catering services for hospitals, school and companies), GrupoUno CTC (outsourcing of marketing, merchandising and promotional logistics services) and Multiasistencia (outsourcing of home insurance claims for banks and insurance companies).

distributed by