Global investment firm Platinum Equity LLC closed its acquisition of a majority stake in Grupo Ibérica Congelados SA from lower-middle-market investor Portobello Capital Gestión SGEIC SA and affiliates of the company's founding families.

Portobello and the company's management team co-invested in the transaction.

Ibérica is a Spanish frozen seafood product provider, which will continue to be led by its current CEO Alberto Freire.

Lazard and Deloitte were financial advisers to Platinum, while Latham & Watkins was its legal adviser. Nomura and Ernst & Young were financial advisers to the sellers, while E&Y provided legal counsel.