Leading European private equity firm PAI Partners has taken a controlling stake in Spanish processor Angulas Aguinaga.

The company was previously owned by Portobello Capital, one of the main independent private equity managers in Spain, as well as by its founding family.

Following the completion of the deal, which is subject to customary regulatory approvals, current shareholders will maintan a 49.9 percent stake.

Angulas Aguinaga holds some of the most well known brands in Spain, including La Gula del Norte, Krissia and Aguinamar.