Condis Supermercats is a food distribution group founded in 1961 by the Condal Escudé brothers, with headquarters in Barcelona and network of 665 supermarkets in Catalonia, Madrid, Aragon and Andorra, 165 company-owned and 452 franchised.

Condis opened 73 supermarkets in 2020 with its brands Condis, Condislife, Condis Express and El Teu Super, achieving a turnover of €895 million euros, representing a growth of 13% compared to 2019, and with ebitda over €55 million euros. The company specializes in proximity and convenience supermarkets, with a surface area share of 10% in Catalonia and a market share of 25% in the province of Barcelona in the proximity and small supermarket formats.

Founded in 1990, Portobello Capital is one of the leading private equity firms, with headquarters in Spain and investments in Southern Europe, managing 1,8 billion euros in assets, team of 34 professionals and porfolio of 19 companies.

The acquisition of Condis Supermercats is the second transaction of the new Portobello Structured Partnerships Fund I, which investment objective is to provide flexible capital solutions to middle-market companies and entrepreneurs in Spain and the rest of Europe. This transaction is an example of the flexibility offered by Portobello’s new fund strategy, in which preferred equity, common equity, participating loans and structured economic rights instruments have been used to provide a solution to a complex transition situation.