The fund has taken a minority stake in Plexus Tech, a leading company in IT services, to support the expansion plan of the group lead by Antonio Agrasar.
The investment was made through its minority fund, Portobello Structured Partnerships Fund I, reaching an agreement to join the shareholding of Plexus Tech, a Galician company immersed in a rapid growth process both organically and through acquisitions.
The main goal of the transaction is to support the growth and financing of the acquisitions that the technology firm is carrying out to expand its activity into new services and countries. Last year, Plexus acquired Madrid-based company Brücke, and in 2022, it acquired Human Computer Development (HCD).
The technological company, founded in 2000 in Santiago de Compostela and dedicated to the digital transformation of companies, reached a turnover of 185 million euros in 2023, after growing at an annual rate of more than 20% over the last decade. The company has a broad portfolio of clients, including practically all the companies across IBEX 35, major retailers, tourism operators, and financial entities.
"Portobello Capital will support us with their strategic vision and proven experience in growth projects, as well as in driving and strengthening the organization to successfully carry out the integrations of other companies ", declares Agrasar.
According to Carlos Dolz de Espejo, partner at Portobello, “Plexus Tech meets all the characteristics we look for in our investments. Its great growth trajectory and positioning in quality services, within a field as in-demand as digital transformation, make it a great addition to our portfolio”.
Portobello's minority fund, which raised 250 million euros in capital, has also taken stakes in another 6 companies: AGQ Labs, Condis, Torre Oria, Eurocebollas, Arenit, and Controlauto.
About Plexus Tech:
Founded in 2000, Plexus Tech is a technology company specialized in high-value services and IT products. Plexus Tech has a 360º technological ecosystem model, based on innovation, allowing it to serve amongst its clients practically all the companies across IBEX 35, as well as major retailers, tourism operators, and financial entities. Its potential lays in helping companies and public administrations streamline their digital transformation processes. It has an international presence, with almost 30 national and international technology hubs.
About Portobello Capital:
Founded in 2010, Portobello Capital is one of the leading independent private equity middle-market firms based in Spain and investments across Southern Europe. It has more than 2.1 billion euros in assets under management, a team of thirty-six professionals, and twenty-four portfolio companies.
Advisors:
Portobello Capital was advised in the transaction by EY (financial due diligence), BCG (commercial due diligence), and Cuatrecasas (legal advisor).
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