mynth
12/2021

PORTOBELLO CAPITAL takes majority stake in CONDIS

SPAIN Retail / Food Retail / General Grocery EV 300M - 700M EUR

Context

Portobello Capital took control of Condis Supermercats, the Barcelona-based neighbourhood supermarket chain, in a deal agreed with the company’s management team and announced in December 2021. The share purchase agreement had been signed in August 2021 and cleared by the Spanish competition authority, the CNMC, in November. The Condal family, which had owned the business, kept a stake in the capital. Day-to-day management stayed with the existing executive team, and a new board was formed, chaired by chief executive Manel Romero and made up of three members of Portobello Capital’s investment team alongside one or two independent directors. With the new shareholder in place, Condis opened a phase of expansion in the Barcelona area, the rest of Catalonia and Andorra, combining new store openings with acquisitions. Sigrun Partners, CS Corporate Advisors and BBVA advised on the transaction.

CONDIS, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.9x).

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Target

Condis Supermercats runs a chain of neighbourhood supermarkets in Catalonia and Andorra, selling food and household products in stores sized for everyday shopping close to home. Part of the network is company-owned and part is operated by franchisees, whom Condis supplies and supports commercially. Its ranges combine national brands with regional products and an emphasis on fresh categories such as produce, meat, fish and bakery. The company is headquartered in Barcelona and supplies its stores through its own logistics operations.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
2019

Other operations with CONDIS

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2026PORTOBELLO CAPITALCONDISSPAINGeneral Grocery

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 450M - 900M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CONDIS by PORTOBELLO CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: condis

Acquirer: portobello capital