Platinum Equity, Beverly Hills, Calif., announced plans to acquire a majority stake in Grupo Ibérica de Congelados, S.A. (Iberconsa), Spain, from Portobello Capital, Madrid.

Iberconsa is a global provider of frozen seafood products, including hake, Argentine red shrimp and squid, sold in more than 60 countries. The company is vertically integrated across the full value chain, including wild catch, processing, commercialization and distribution.

“Iberconsa has established itself as a leader in the markets it currently serves,” says Louis Samson, partner at Platinum Equity Partner. “The company has grown substantially in recent years, and can benefit from Platinum’s operational expertise to help maximize the benefits of its increased scale. We also intend to further grow the business through new acquisitions by deploying our M&A resources to help the management team expand the company’s product portfolio and geographic reach.”

Iberconsa maintains an owned fleet of 45 vessels, five processing plants and four cold storage distribution facilities operating primarily in Argentina, Namibia and South Africa.

“We are proud of everything Iberconsa has accomplished during our ownership, expanding its fleet and establishing itself as a strong platform for additional growth in a fragmented market,” says Juan Luis Ramírez, founding partner at Portobello Capital. “We are reinvesting in the business because we believe it is well positioned for continued success.”

Alberto Freire, chief executive officer of Iberconsa, will continue to lead the business following the transfer of ownership.