Portobello and Condis's management team have acquired 100% of Condis Supermercats to enhance growth and strengthen its market position in the competitive Spanish grocery sector.

Target Information

Condis Supermercats, a prominent retail chain, has been acquired in its entirety by private equity firm Portobello and its current management team, led by Manel Romero. This acquisition comes after receiving approval from the Spanish competition authority, CNMC. Portobello will hold a 45% stake in the company, while the management team will retain 55%. In 2020, Condis reported a revenue of €895 million and a net profit of €23.6 million, operating 665 supermarkets mainly in Catalonia, Aragón, and Andorra, with most of these being franchised operations.

The valuation of the supermarket chain is approximately €275 million, corroborated by financial sources. Manel Romero, now serving as the CEO, will take on the role of Executive Chairman as well. The Board will also include three representatives from Portobello and one or two independent members, ensuring a balanced approach to governance.

Industry Overview

The Spanish grocery retail industry has been experiencing significant transformation, driven by changing consumer preferences and increased competition among established