Background
- Portobello Capital (Portobello) is an independent private equity manager in the middle market, with more than €2.7 billion of assets under management and a track record of more than 60 investments over the past 20 years
- BLUESEA Hotels (BLUESEA) is a portfolio company of Portobello, specializing in value-for-money experiences in the hotel sector in Spain
Process
- DC Advisory acted as exclusive financial advisor to Portobello on the formation of its continuation vehicle for BLUESEA
- Portobello raised the capital to fund Portobello Hospitality Fund I, a continuation vehicle managed by Portobello, to purchase BLUESEA from Portobello Fund III, providing additional time and capital to continue executing the well-defined value creation plan for the business
- DC Advisory’s Secondary Advisory and Spanish Real Estate teams advised on the structuring and strategy of the continuation vehicle, including the identification of investors, leveraging a deep Hospitality sector knowledge to help shape the equity story around the company
- Partners Group acted as lead investor in the transaction, with participation of Neuberger Berman, Mercer, and Florestan
Outcome
- The transaction closed on 24 October 2024
- With strong support from Partners Group, Neuberger Berman, Mercer, and Florestan, this transaction will provide BLUESEA with additional resources and time to capitalize on future growth opportunities
- This transaction demonstrates the international collaboration between DC Advisory’s Secondary Advisory and industry sector specialists to deliver a tailored continuation vehicle for its client
