Vallis Capital Partners announces the sale of the entire share capital of Castelbel, held by Fund Vallis Sustainable Investments I, to the Group Bourn Rock Investments


The Fund Vallis Sustainable Investments I, SCA, SICAR (“Fund Vallis I”) acquired 60% of the share capital of CASTELBEL – ARTIGOS DE BELEZA, SA. (“Castelbel”) in August 2016, having subsequently increased its stake to 100% of the share capital.

Castelbel is a leading national company in the production and sale of luxury fragrances for the home and body. It owns the Castelbel and Portus Cale brands and currently exports around 75% of its production to more than 60 countries, including demanding markets such as the United States and the United Kingdom.

Under the management of Fund Vallis I, Castelbel has more than doubled its turnover, strengthened its Governance model, and implemented an ambitious domestic and international growth plan, while at the same time investing in increasing its production capacity by moving to new manufacturing facilities in Castelo da Maia.

Eduardo Rocha, CEO of Vallis Capital Partners, S.A., the Fund’s Investment Advisor, stated that: “We are pleased to have concluded this sale, which is the fifth Exit of the Fund Vallis Sustainable Investments I, SCA, SICAR. This transaction is the culmination of the dedicated work of the entire Castelbel team, which has successfully executed an ambitious business plan over the years. I would like to thank everyone involved in the transaction and wish the Bourn Rock Group every success in its investment in Castelbel.”

Vanessa Segurado and Pedro Afonso de Paulo, shareholders of Bourn Rock Investments Group (BRI), stated that: “We are very excited about this investment, where we will continue the excellent work carried out to date by Castelbel team and its potential for national and international expansion. Given our Group’s strong background in Sustainability and Environmental Management, we are also looking to develop Castelbel’s sustainability and circular economy potential. It’s a new stage in our Group’s growth, where we’re embarking on our first diversification investment. We would like to thank our exclusive financial advisor for the acquisition of Castelbel, Santander Corporate & Investment Banking, and all the advisory teams that supported us in the transaction, Enes Cabral, CuatreCasas, SRS Legal, CS Associados, EY, Morais Leitão, PLMJ, Howden and Vallis for the opportunity to acquire Castelbel.”



Castelbel, S.A. is a Portuguese company founded in 1999, specializing in the production and marketing of scented products for the body and home. With a history of success and innovation, Castelbel is internationally recognized for its unique fragrances and exceptional design, and is present in more than 60 countries.

About the Fund Vallis Sustainable Investments I, SCA, SICAR:

The Fund Vallis Sustainable Investments I, SCA, SICAR, with a capitalization of 75 million euros, is a Private Equity Fund managed by Vallis Sustainable Investments I, GP, S.à.r.l., with Vallis Capital Partners, S.A. as its Investment Advisor. The Fund is based in Luxembourg and is regulated by the CSSF – Luxembourg Financial Supervisory Commission.

About Vallis Capital Partners, S.A.:

Vallis Capital Partners, S.A. is a shareholder in companies managing Private Equity Funds, with Assets Under Management in excess of €200 million, and acts as their Investment Advisor.

The Funds Vallis Sustainable Investments I and Vallis Sustainable Investments II invest in Iberian SMEs with high growth potential and whose sectors correlate with the vectors of sustainable development.

The Fund Vallis Sustainable Investments I, SCA, SICAR currently has two companies in its portfolio: Smile-Up, the largest Portuguese chain of dental clinics, and Raclac, a producer and distributor of disposable medical devices.

The Fund Vallis Sustainable Investments II – Fundo de Capital de Risco Fechado is currently invested in Insparya, a leading hair transplant clinic with a presence in Portugal, Spain and Italy; Logifrio, a logistics operator providing transport and logistics services for temperature-controlled food products; Europalco, a leader in the Portuguese event organization and audiovisual equipment rental market with a diversified portfolio of events; Docout, critical process outsourcing and document management, and Raclac, a company also owned by the Fund Vallis Sustainable Investments I.

Vallis Capital Partners was the first Portuguese asset management company to become a signatory of the United Nations Principles for Responsible Investment (UNPRI).

About Santander Corporate & Investment Banking:

Santander Corporate & Investment Banking was the exclusive financial advisor to the Bourn Rock Investments Group in this transaction.

About Bourn Rock Investments Group (BRI):

The Bourn Rock Investments Group (BRI) is a diversified corporate investment group, 100% Portuguese, which since 2016 has focused on creating and consolidating Blueotter Group, a leading environmental group in Portugal, through acquisitions and organic growth. The Blueotter Group is a leading operator in Portugal in the recycling and global management of non-hazardous waste, with a turnover of more than €65 million, managing more than 500,000 tons per year in 10 recycling, recovery and treatment centres, and covering the activities of collection, sorting, recycling, organic treatment, recovery, treatment, waste disposal, innovation and renewable energy production. Castelbel constitutes the first diversification of the Group’s investment activity, with the aim of diversifying risk and seeking synergies in terms of talent and sustainability, while believing in its growth and expansion at national and international level. With the acquisition of Castelbel, BRI Group expects to have a turnover of ~90MEur in 2024, 800 employees and 11 industrial units in Portugal.