European private equity firm PAI Partners has acquired a 50.1% stake in Spanish refrigerated fish solutions company Angulas Aguinaga from Portobello Capital.

PAI Partners executed the deal through its newly raised PAI Mid-Market Fund (PAI MMF).

Financial details of the deal have not been disclosed.

After the signing of this agreement, the existing shareholders of Angulas Aguinaga will reinvest in the firm to continue their association with the company with a 49.9% stake.

Angulas Aguinaga offers its products under various brands, including La Gula del Norte, Krissia and Aguinamar to the Spanish fish and seafood convenience industry.

Under Portobello Capital ownership, Angulas Aguinaga is said to have doubled its presence in the Spanish market.

Earlier this year, Angulas Aguinaga acquired Italian fish distributor Riunioe and reported a turnover of €220m ($260m) in 2019.

This year, the Spanish company has also unveiled its new strategic plan for 2020-2025 to transform itself into a multinational food player. It also expects to double the company’s turnover over the next six years.

Going forward, PAI intends to support the company in further strengthening Angulas Aguinaga brand presence, as well as help the company in expanding its product portfolio by launching new categories.

Angulas Aguinaga CEO Ignacio Muñoz said: “We are very excited about the future that lies ahead. The partnership with PAI MMF will help us activate a new phase in our development, and we look forward to benefitting from PAI’s extensive experience in the food sector, as well as its international platform.

“We are grateful that the current shareholders are also staying on board to accompany us on our growth path in the coming years.”