Triton Partners seals €1.075bn Befesa deal

Triton had entered into exclusive negotiations at the end of April, and the deal is expected to complete in mid-July.

Befesa is a subsidiary of listed company Abengoa, a provider of technology solutions to the energy and environment sectors. Abengoa counts US private equity firm First Reserve among its shareholders, following a €300m capital increase in October 2011.

The deal was designed to support Abengoa's plans to reduce net leverage debt and focus on core activities. Triton also stated it sees considerable growth potential for Befesa in South Korea, Turkey, the Middle East and Asia – notably given the increasing regulatory demands on environmental management and recycling in these regions.

After net debt adjustments, the total cash consideration for Abengoa amounts to €850m, comprising a vendor note of €48m with a four-year maturity and a deferred consideration valued at €225m, which will be received as a convertible loan and will convert into the economic equivalent of 14.1% of common equity when the GP exits the company.

Company
Headquartered in Sevilla, Befesa specialises in the management of industrial waste. The firm has plants in Germany, Spain, the UK, France, Sweden, Turkey, South Korea, Chile, Argentina and Peru. Befesa employs around 2,000 members of staff and is led by CEO and chairman Javier Molina.

People
Peder Prahl is a managing partner at Triton. Javier Molina is the chairman of Befesa.

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