Tensile y Portobello se pagan 160 millones de dividendo en Plenergy
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Plenergy, formerly known as Plenoil, is set to pay a dividend of 160 million euros to its shareholders following a refinancing operation. The company, which operates over 400 service stations in Spain and Portugal, aims to raise 470 million euros in debt, with 160 million euros earmarked for dividend payments. Tensile Capital and Portobello, the investors behind the operation, also hold a minority stake in the company.
The debt includes a guaranteed loan of 400 million euros and a renewable credit line of 70 million euros, which is currently unused. JPMorgan is expected to assist in the sale of a significant portion of the main loan to investors, mediating the transaction. The acquisition was financed in 2024 via a loan led by Banco Santander.
Moodys and Fitch credit rating agencies have assigned Plenergy a B1 and B+ rating, respectively, placing the company in the junk bond category. This rating reflects Plenergy's dominant position in the growing segment of automatic gas stations in the Iberian Peninsula, as well as the company's expansion plans and debt reduction expectations over the next 12-18 months.
These strengths are balanced with a concentrated business model, low profit margins, and execution risks in the expansion plan. Fitch predicts that the low-cost gas station chain will generate an operating profit of 150 million euros in 2026, reducing the debt multiple from 3.6 to 3 by 2030. From January to July, the company's profits grew by 76%.
After refinancing and dividend payments, Plenergy will have liquidity of 72 million euros, excluding the 70 million available in the credit line. Portobello recently completed a similar operation in the Condis supermarket chain, raising 305 million euros to refinance debt, return a vendor loan to the Condal family, and pay an extraordinary dividend of around 100 million euros. Portobello sold a stake in Condis to its executive team, led by CEO Manel Romero, effectively relinquishing its majority ownership in the company.
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