Portobello Capital invests in Clínicas Mi

Portobello Capital acquired 49% of Clínicas Mi in October 2024 through a capital increase of between 20 and 30 million euros, investing from its Structured Partnerships Fund I. The Masfurroll family retained 51% and the management of the business, with Gabriel Masfurroll Lacambra as chairman and his son Gabriel Masfurroll Cortada as chief executive. Headquartered in Barcelona, Clínicas Mi operates private clinics in Catalonia providing consultations, diagnostic imaging, surgery and inpatient care across specialties including traumatology, oncology, gynaecology and ophthalmology. It runs three establishments, Clínica Mi Tres Torres and OftalMi in Barcelona and Clínica Mi NovAliança in Lérida, and treats patients covered by around twenty health insurers and mutual societies as well as those paying directly. Revenue was expected to reach €25–50M for 2024. Spanish private healthcare depends on the insurers rather than on patients directly, since roughly a quarter of the population holds a policy and the clinic is paid by the insurer at tariffs it negotiates. Scale determines the terms of that negotiation, which is what drives consolidation among independent establishments of this size. The capital was directed at acquiring further clinics alongside investment in the existing ones, the group having already committed around 20 million euros since purchasing its first two centres and having recently added the Centro Oftalmológico Tetuán, a Barcelona ophthalmology practice. The investment was the eighth from Portobello’s minority fund and extended the firm’s healthcare holdings, which include the dental chain Vivantadental and the medical products manufacturer Poligof.

By taking control of Clínicas Mi, Portobello Capital continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Condis in 2021.