Portobello Capital, a leading independent mid-market private equity firm, has announced the closing of a continuation vehicle for its portfolio company BlueSea Hotels & Resorts, a hotel chain based in Spain that focuses on value-for-money customers. Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, was the lead investor in the transaction, with participation of Neuberger Berman, Mercer, and Florestan.
The continuation vehicle will provide Portobello more time and capital to continue executing on its active pipeline of hotel opportunities and to deploy Capex to increase ADRs across the portfolio. The transferred portfolio company has raised capital to deploy in targeted Capex projects and M&A opportunities, to accelerate Blue Sea’s strategic growth plans.
BlueSea was acquired by Portobello Capital in 2017 to support the management team in executing a successful value creation plan to expand and standardise the hotel portfolio and optimize and digitize the operations. Since 2017 BlueSea has more than tripled in size.
Carlos Dolz de Espejo, Partner Portobello Capital, said: "We're excited to reaffirm our support of BlueSea and its management team through this pivotal transaction, which will provide the company with additional capital sources for strategic investments and position it well to capitalize on future growth opportunities.”
Geoffrey Bonnefoy-Cudraz, Member of Management, Real Estate, Partners Group, said: “We are delighted to partner with Portobello Capital on BlueSea as the company embarks on the next chapter of its growth journey by aiming to further consolidate the highly fragmented three- to four-star hotel segment in Spain. We believe our investment will allow BlueSea to unlock its significant future value creation potential."
Sebastià Català, Founder & CEO, BlueSea, said: “We look forward to continuing our journey with Portobello Capital, following the successful collaboration during Portobello Fund III’s ownership. We believe that through this partnership we are uniquely positioned to capitalise on new opportunities in one of the largest tourist markets globally and further consolidate our leading position in the value-for-money segment."
DC Advisory acted as exclusive financial advisor to Portobello Capital on the transaction. Linklaters served as legal advisors to Portobello Capital on the transaction.
About Portobello Capital
Founded in 2010, Portobello Capital is a leading independent mid-market private equity firm based in Spain, with operations throughout Southern Europe. Portobello has more than 2.5 billion euros of assets under management, 7 currently active funds, 24 companies in its
portfolio and more than 70 investments made throughout its 20 years of experience. For more information, please visit www.portobellocapital.es or follow us on LinkedIn.
About Partners Group
Partners Group is one of the largest firms in the global private markets industry, with around 1’800 professionals and approximately USD 150 billion in assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to build businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.
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