The Portobello Capital fund prepares its landing in the legal sector with the acquisition of the Spanish legal advice platform Legálitas, as confirmed by different financial sources to elEconomista . Portobello Finalizes The Purchase Of Legálitas OnMark1199
At the moment, the final details of the transaction are being negotiated with a view to closing the investment in the coming days. The operation values 100% of the Spanish company at around 130 million euros, according to the same sources.
It should be remembered that Legálitas was founded more than two decades ago with the aim of democratizing legal and legal services for individuals through a subscription system. In this sense, the Spanish company offers different rates to its users ranging from 19.99 euros to 35.99 euros per month. In addition, it also offers its services to other types of clients such as freelancers or small and medium-sized companies, adding about 10 million users.
The approach to the operation involves the sale of a majority stake to Portobello, while the founding partners remain in the capital with a minority and remain at the helm of the company. Thus, the Spanish legaltech also achieves the necessary financial lung to undertake its ambitious strategic plan, which contemplates doubling its turnover to 100 million in three years.
To do this, it also wants to boost its international growth towards other Latin American countries, since it already has a presence in Colombia and Mexico. Currently, Legálitas has a turnover close to 50 million euros and an adjusted gross operating profit ( ebitda ) that is between 7 and 8 million euros.
The Spanish manager prevails in a tough competitive auction by submitting last week the highest bid by the Spanish legaltech , thus beating the bids submitted by the other two finalist funds: Bd Capital and Bridgepoint. Thus, before next August, a process started at the beginning of last year under the leadership of the Arcano advisory firm, which invited a small number of candidates to participate, will be put to an end.
In fact, the appetite for the company has finally been greater than originally anticipated due to its technological component, one of the aspects most valued today by venture capital funds, which see technology as a safe value for the growth potential it has. For example, according to the same sources, one of the objectives of the company is to provide its legal services also through video calls or to introduce new tools so that clients can carry out certain procedures themselves through its platform.
If all goes according to plan, this will be the second transaction closed by the Spanish venture capital manager in just over a month and a half after buying Caiba (the Spanish leader in packaging) from Nazca at the beginning of last June, as revealed this diary.