The PHI Fund (Lladró) Goes Shopping in Spain and Acquires Two New Companies
The PHI Fund (Lladró) Goes Shopping in Spain and Acquires Two New Companies
The firm deploys its third fund and takes control of Panalia and Palinox
C. Reche — MADRID
PHI Industrial, the private equity fund focused on special situations and known in Spain for being the owner of the porcelain brand Lladró for several years, has deployed its latest fund and acquired two new industrial companies. The investment group, led by Jordi Bricio and Alexander Wit, has completed the acquisition of Panalia Derivados de la Harina (Panalia) and Palinox Ingeniería y Proyectos, both founded and managed until now by family entrepreneurs. The financial details of the transaction have not been disclosed.
Palinox, the most recently acquired company, is located in Barcelona and is a leading engineering firm in the design and manufacturing of refrigeration solutions for the food industry. Its revenue in the last closed financial year was 20 million euros, and its gross operating profit (EBITDA) was 4.5 million euros. On the other hand, Panalia is based in Madrid and has established itself as a player in the ‘premium’ artisanal bakery sector, thanks to its focus on innovation, quality, and differentiated products. In 2024, it recorded sales of 13 million euros and an EBITDA of 2 million euros.
The acquisitions, completed in November 2024 (Panalia) and March 2025 (Palinox), reinforce PHI’s position as an operational investor in family-owned businesses that require an orderly transition towards a new stage of professionalization and sustainable growth, according to the investment group. «Both companies align perfectly with PHI’s DNA. They are industrial companies with top-quality products and attractive margins,» says Alexander Wit, managing partner of PHI Industrial.
These acquisitions, Wit adds, strengthen our thesis that our operational capabilities and active management create value not only in restructuring processes but also in profitable and growing companies facing different challenges. PHI’s approach «allows us to establish a relationship of trust with the founders, who see us more as a strategic and operational ally than as a mere financial investor.»
PHI has already deployed a significant portion of its latest fund (PHI FUND III, FCR) with both acquisitions. This vehicle also includes companies such as ITG, HD, and Compañía del Trópico. It also includes Tecnikalde, a company based in Elgoibar (Basque Country) dedicated to laser cutting, cutting and folding, tube cutting, and boiler-making. Tecnikalde had been the last of the companies acquired to date.
The management firm has joined the trend of continuity funds with Hollyport Capital.
On the divestment side, the company is also making progress. Last year, it signed the sale of ceramic insulation manufacturer Insulation Technology Group (ITG), which works for the energy industry. The buyer was the U.S. fund TJC, historically known as The Jordan Company.
In an intermediate scenario, the group has also resorted to continuity funds, an instrument that has gained popularity in the private equity industry. PHI has used this to continue managing Blue Sun, which was transferred to a €287 million vehicle led by Hollyport Capital and co-subscribed by Kline Hill Partners.
