Kartesia secures majority stake in Spanish dry bulk firm

Kartesia Credit Opportunities I acquired the 51% stake through the capitalisation of Portsur Castellón’s debt.

European middle-market lender Kartesia has acquired a majority stake in Spanish dry bulk operator Portsur Castellón pending regulatory approval.

The Spanish lender will obtain 51 percent control of the company through the capitalisation of its debts, using capital from the Kartesia Credit Opportunities I (KCO) fund.

The deal requires approval from the Port Authority of Castellón. Kartesia declined to comment on how much it paid for the stake in the business.

Portsur Castellón is based on the east coast of Spain and provides stevedoring and logistic solutions for bulks such as raw materials for the ceramic tile industry, clinker, agribulk and general cargo. It handles more than two million tons of materials per year.

Jaime Prieto, managing partner at Kartesia, said: “Kartesia worked alongside the management to finalise this transaction and we look forward to supporting Portsur Castellón during their next phase of development, as they maintain and grow further their leading position in the Mediterranean region.”

Last year, PDI reported that the KCO fund had closed after raising €507 million from institutional investors, surpassing an initial target of €400 million set by the firm. The fund has so far deployed 75 percent of its capital and is targeted at senior debt, as well as some mezzanine funds. The fund was launched in 2013.

Kartesia declined to comment on any plans for a second fund.

Kartesia focuses on providing financing solutions for small and middle market companies across Europe. The firm holds €600 million assets under management and has invested in almost 70 companies across Europe, including France, Germany, Spain, Italy and the UK.