Sherpa Capital buys Grupo Indo
Spanish turnaround investor Sherpa Capital has made a binding offer to acquire the production unit of ophthalmic lenses company Grupo Indo, after it hit bankruptcy in 2010.
The deal is reported to include a €1.4m equity injection with a further €5m commitment in working capital.
The new owner intends to drive the company's sales and has made a commitment to maintain 90% of existing jobs. Indo's existing management team will remain at the helm.
The deal is subject to the approval of judicial authorities and includes subsidiaries in Morocco and Portugal.
The company will focus on operations in Spain, Portugal and Morocco following the transaction. A liquidation request has been made to the Commercial Court of Barcelona for several subsidiaries of Indo Grupo.
Company
Founded in 1937 and based in Madrid, Indo produces and markets ophthalmic lenses and equipment for opticians and opthalmologists.
The company employs more than 400 staff and has branches in the US, Portugal, India, Morocco and Chile. Indo exports to more than 80 countries.
People
Eduardo Navarro is CEO of Sherpa Capital.
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