Spanish buyout firm Portobello Capital has sold its stake in one of the country's explosives manufacturers in a bellwether deal the group, whose management was dismissed by the backers of its former firm.

Madrid-based Portobello Capital and peer Vista Capital have sold their almost 50% stake in Spanish explosives manufacturer Maxam to buyout firm Advent International, according to a statement. The remaining shares are controlled by Maxam's management team. The deal's value has not been disclosed.