Kartesia sells majority stake in Portsur Castellón to Grupo Gimeno - Kartesia

Kartesia sells majority stake in Portsur Castellón to Grupo Gimeno

Press Release

Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, today announces that it has sold a majority stake in Portsur Castellón, a Spanish dry bulk terminal (“Portsur” or “the Company”) to Gimeno Servicios Portuarios, a subsidiary of Grupo Gimeno.

Portsur specialises in the steevedoring, storage, mixing & blending and transportation of all types of dry bulks that serve the hinterland of Castellón port, or for export purposes. Main bulks include all raw materials used in the production process of the ceramic tile industry of Castellón, such as clay and feldspar, but also clinker for cement production, pet coke, fertilizers, agri-bulks and general freight.

Kartesia first invested in Portsur in 2015 and has supported the growth of the Company creating the right financial and corporate setup, alongside Grupo Gimeno as minority shareholder. Over the past 7 years, Portsur has grown into one of the main dry bulk terminals in the Spanish Mediterranean coastline, reaching 5 million tons in the last 12 months. The sale of Portsur to Grupo Gimeno reflects the successful story built under Kartesia’s stewardship and signals the opportunity for continued growth under new majority shareholders.

Javier Herrera, Portsur´s CEO, said: “We would like to thank both parties for the opportunity granted to Portsur to become a cornerstone piece of the port of Castellón. We want to especially thank Kartesia for its commitment over the years, not only in financial terms but also its hands-on support to pursue a successful organic strategy; and Grupo Gimeno for its continuous support and commitment for Portsur’s development”.

José Luis Vilar, Grupo Gimeno’s CEO, added: “We are very thankful to Kartesia for its contribution to Portsur during the years we have been partners, and are pleased to continue investing in Portsur. Going forward, we will face challenges and new opportunities. A new journey starts today, and we are very excited about the plan for the next development of Portsur and the Port of Castellón”.

Tomás Neuhaus, Investment Director at Kartesia, commented: “It has been a pleasure to work with Javier and his team as Portsur has expanded its client base, market share and footprint within the Port of Castellón since we came on board in 2015. Portsur has also invested in machinery and equipment oriented to more environmentally friendly operations, whose impact makes us very proud. We are confident that the business is well-positioned to take advantage of the future opportunities under the majority ownership of Grupo Gimeno”.