Portobello Capital and Condis management acquire 100% of Condis Supermercats, aiming to enhance growth and capture market opportunities in the Spanish supermarket sector.

Target Information

Condis Supermercats, a prominent supermarket chain founded in 1961 by the Condal brothers, has been acquired in its entirety by the investment firm Portobello and the company's management team, led by Manel Romero. After receiving approval from the CNMC, Portobello secured a 45% ownership stake while the management team retained 55%. As of 2020, Condis generated a revenue of €895 million and a net profit of €23.6 million, operating a total of 665 stores across Catalonia, Aragón, and Andorra, with the majority being franchises.

The acquisition values Condis at approximately €275 million, as reported by financial sources. Manel Romero will transition from General Director to Executive Chairman, and the board will consist of three representatives from Portobello and one or two independent members.

Industry Overview

The supermarket industry in Spain has shown resilience in recent years, characterized by increasing competition and a growing trend towards providing convenience to consumers. As urbanization continues to rise, there is a notic