Four law firms advise on Portobello´s €160m minority acquisition of Condis

Linklaters, Herbert Smith Freehills, Cuatrecasas and Baker McKenzie have advised on Portobellos´s acquisition of a minority stake in Condis supermarkets for a value of €160 million

Spain´s National Markets and Competition Commission (CNMC) has authorised the minority stake of the investment firm Portobello Capital in the Catalan supermarket company Condis, as published by the agency. The transaction was announced last August and has been articulated through the Portobello Structured Partnerships Fund I, this being its second operation, as announced by the private equity firm at that time.

Since its foundation in 1961 by the Condal Escudé brothers, Condis has been a leading food retailer in the Barcelona region with a strong presence in Catalonia. The Portobello Capital transaction initiates a transition process for the Condal family -which will remain partially in the capital of Condis- with the purpose of institutionalising the company’s governance and supporting the growth of the company with a continuous and ambitious project

The company’s management team will also become a shareholder and will lead this new phase, giving continuity to the existing project and reinforcing its commitment to its employees, franchisees, suppliers and customers.

Portobello counted on the participation of its Legal counsel Ignacio Gordillo (pictured top left), and was advised by a Linklaters´ team formed by partner Juan Barona (pictured top centre), managing associates Elena Rodríguez, Raquel Blanco and Begoña Martínez, junior associate Pablo de Rabassa and associate David Suárez. Corporate partners Víctor Manchado and Alexander Kolb also supported the team that included members from Labour, Tax and Real Estate areas of the law firm.

Herbert Smith Freehills advised the financial institutions (Banco de Sabadell, Banco Santander, Caixabank, BBVA and Amundi) providing financing to Trosidio Spain (an indirect subsidiary of Portobello Capital) for the acquisition of Condis Supermercats. The team was led by partner and head of Finance Armando García-Mendoza (pictured top right), together with associate Carmen Hermosín, senior associate Leonie Timmers and junior associate Cristina Díez de Rivera.

Baker McKenzie advised several banks (BBVA, Caixa, Banc Sabadell and Bankinter) in complex financing and execution of the purchase, by the Portobello fund and management, of the Catalan supermarket. The firm´s advice included advising on the existing financing in Condis, the execution of the purchase options under leasing: Warehouses and premises and the execution of the purchase. Baker McKenzie advised with a B&F team formed by partner Joaquin Fabré (pictured bottom left) and associates Paula Alarcón and Anna Ferrer.

Cuatrecasas advised Condis with a team made of partners Javier Fontcuberta Llanes (pictured bottom centre) and Álvaro Escuder Duft (pictured bottom right), along with lawyers Xavier Morera Balcells and Carolina Gómez.


Desire Vidal