Peninsula Capital, a pan-European private equity fund with offices in London, Milan and Madrid, has closed a deal to acquire a stake of just over 60% in HLC SB Distribution, a Spanish family-owned company established in the Basque Country, and Europe’s leading skateboard manufacturer and distributor.
Although the size of the operation has not been disclosed, it is a very significant transaction for the firm, as it is its first majority purchase in Spain. Outside the domestic market, the fund had already taken control of the Greek company Contships, already divested, and the Italian company Isola dei Tesori, in its portfolio.
HLC, based in Oyarzun (Guipúzcoa), is a family company that was previously owned by the three Iraola brothers (Igor, Iban and Ander), who founded the company in 2001 together with their father Pedro Iraola and Ángel González. The founders will retain around 40% and will remain at the helm of the company’s management.
HLC is currently the leading European manufacturer and distributor in the three segments in which it operates: skateboard, surfskate and longboard. In 2021, it achieved sales of almost €30 million, with an ebitda (operating profit) of close to €10 million, after having experienced growth of around 13% per year in recent years.
Together with Peninsula Capital, HLC is looking to boost its international growth, especially organically in the United States and Asia, although certain acquisitions are also being considered on an ad hoc basis. Both partners have developed a five-year business plan that aims to double the size of the company and reach a turnover of €60 million by then.
Allen & Overy advised HLC SB with a Corporate team formed by partner Fernando Torrente, counsel Teresa Méndez, along with associate Andrea Zubiaga and trainee Guillermo Pérez, a Tax team made up of partner Adolfo Zunzunegui and senior associate Rafael Giménez Reyna and an Employment team including senior associate Ana Hernández.

Herbert Smith Freehills advised Peninsula Capital Partners with a team led by partner and regional head of Corporate EMEA Alberto Frasquet, and supported by senior associate Marcos Fernandez-Rico, associate Alejandro Hillage Martínez, Tax of counsel Marta Esteban, associate Ignacio Jimenez-Poyato Narváez, Competition partner Henar González Durantez, associate Pilar Carrasco and junior Gonzalo Sanz-Magallón Delhaize.