ARCANO advised Portobello Capital and shareholders of Grupo Supera on the sale to Ancala

ARCANO has acted as exclusive financial advisor to Portobello Capital and the other shareholders of Grupo Supera on the sale of their majority stake to Ancala.

Transaction rationale

- The transaction marks the successful exit of Portobello Capital and the other shareholders of Grupo Supera, following a strong value creation journey.

- Ancala's investment reinforces the attractiveness of Supera's concession-based business model as an infra-like asset.

- The transaction provides Grupo Supera with a strong platform to continue its growth across Iberia and support its international expansion.

Founded in 1993 and headquartered in A Coruña, Grupo Supera is one of the leading operators of concession-based sports centres in Iberia. The Group operates 49 centres across Spain and Portugal, serving more than 200,000 members, and combines large-format concession facilities with private 24h centres. Its concession model provides access to strategic urban locations through long-term contracts with public administrations. This positioning enables the operation of large-scale sports infrastructure —including swimming pools, spas and extensive multi-activity areas— at affordable prices, while maintaining high occupancy and recurrence levels. In recent years, the Group has strengthened its presence in Portugal and secured its first concessions in Italy.

Portobello Capital is a Southern European private equity firm focused on the mid-market segment and headquartered in Spain. During its period as controlling shareholder, Portobello drove the professionalisation, expansion and financial strengthening of the Group, supporting both organic growth and the platform’s international development.

Ancala is an independent infrastructure manager, headquartered in London, with more than €4.7 billion of assets under management across a diversified portfolio of infrastructure investments. Ancala invests in mid-market infrastructure companies with a long-term approach, providing capital and operational capabilities to drive their growth.

With this transaction, Arcano reaffirms its position as a leading financial advisor in the fitness sector in Iberia, and particularly in the concession segment, having advised on more than 12 transactions in the fitness sector over the past 10 years.

ARCANO has historically supported Grupo Supera and Portobello across various strategic and financing transactions, consolidating a long-term relationship with the Group and its shareholders. It has also been a pioneer in positioning the concession-based fitness sector as an asset class with “infra-like” characteristics.