Plenergy — Buyout

Tensile Capital Management and Portobello Capital took joint control of Plenoil (now Plenergy) by buying a majority stake in a control recapitalisation. The amount was not disclosed. Founder and CEO José Rodríguez de Arellano kept his role and his shareholding, and four founding shareholders sold out in full. The deal was announced subject to regulatory approval, with closing expected in H1 2024, and was later completed: Portobello and Tensile are reported as Plenergy's owners in 2025. The two funds are described as co-leads, so no single lead is recorded. The acquisition was part-financed by a syndicated loan arranged by Banco Santander, with Talde among the lenders. Headway Capital Partners co-invested alongside Portobello. This was a private-equity buyout, not a venture round. No earlier external funding rounds have been reported; a €4M capital increase in the Canary Islands subsidiary was an internal group move.