Fortitude Capital Enters Renewable Energy Market with Iberol and Biovegetal Acquisition

Lisbon, Portugal, May 15th, 2025 – Fortitude Capital SCR is proud to announce the acquisition, in partnership with Reagro, of Iberol and Biovegetal – two key operators in the oilseeds crushing and biofuels markets. Iberol and Biovegetal have a combined revenue that exceeds €200 million and a workforce of over 100 people.

Founded in 1967, Iberol is a leading Iberian oilseed crusher, producing vegetable oils and protein meals for food, animal feed, and renewable energy sectors. Biovegetal, established in 2007, is the
largest producer of biodiesel (FAME) in Portugal and related byproducts, including glycerin and free fatty acids, and plays a significant role in Portugal’s renewable energy ecosystem.

The investment has a highly compelling value proposition, driven by (i) a favorable market outlook, (ii) strong industrial and operational partners with specialized expertise, (iii) a fast-track restructuring plan, and (iv) the immediate potential to unlock and expand new business streams.

“This investment reflects our strong conviction in the strategic importance of food supply security and the ongoing transition to renewable energy,” said António Esteves, CEO and Co-Founder of Fortitude Capital. “By backing Iberol and Biovegetal, we are supporting critical sectors that not only contribute to national resilience but also drive sustainable growth. We believe this is a unique opportunity to create long-term value while advancing key priorities for Portugal and the broader European economy. With Reagro, a valued partner known for its deep expertise and reliability, we enter this endeavor with confidence and strategic resolve.”

About Fortitude

Fortitude Capital SCR is a leading Portuguese private equity firm, targeting alternative investments across different sectors (agnostic) from energy to hospitality, consumer goods, industrials,
agrobusiness, healthcare, etc. Fortitude seeks to generate attractive absolute returns and long-term value to its investors, the companies in which it invests and the community in which it works.

About Reagro

Established in 1977, Reagro has 45 years of experience in providing nutrition services and distributing agro commodities in Portugal (undisputed leader) and Spain. As a distributor it operates in the main ports in the southwest of the Iberian Peninsula, being the largest user of their storage capacity. It also develops industrial activities related to both the compound feed production sector and the grains origination sector.

Fortitude benefits from the support of Programa Consolidar, managed by Banco Português de Fomento.