Springwater buys Monesa

Amy King
30 July 2014

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Swiss turnaround investor Springwater has acquired Grupo Monesa, a Spanish industrial plants maintenance business, according to reports in the Spanish press.

The GP is reported to be making a €50m equity commitment – supported by a €150m debt package – to buy the business.

Springwater is understood to be pursuing the creation of a Basque engineering group named Nervión Industrial Services. The GP is reportedly targeting 3i-backed Daorje, which was acquired in 2007.

Springwater has completed a handful of Spanish investments this year, including the acquisition of a 30% stake in Spanish aerospace group Aernnova – its first minority deal in the country – and the purchase of the industrial business unit of Adveo for €16m.

Company
Founded more than 50 years ago and based in the Basque region, Grupo Monesa operates in the assembly and maintenance of industrial plants. Monesa has a turnover of around €60m, 90% of which is generated in Spain.

The business has a network of regional offices across Spain.

People
Martin Gruschka is president of Springwater.