GED buys Spanish frozen food producer Discefa

As part of the deal, Spanish alternative lender Oquendo Capital provided a mixed package of equity and mezzanine to support the buyout from the founding family. Following the deal, Oquendo will retain a 29% stake in the company.

GED is expected to nominate two representatives to the company's board, managing partner Enrique Centelles Satrustegui and partner Rafa Lopez, as well appoint a new CEO. Oquendo will also nominate managing partner Daniel Herrero as its representative on the company's board.

Discefa intends to use the fresh capital to boost its expansion in the US as well as its presence in the Spanish market through the development of a new pre-cooked frozen octopus line of products.

The deal marks the first transaction for GED's fifth vehicle, GED V Spain, which launched in November 2015.

According to a statement, GED is looking to complete two more transactions from its new vehicle in the H2 2016. The fund targets a total of 8-10 transactions with an equity ticket ranging between €15-25m, and is expected to reach its €150m fundraising target by the H2 2016.

Company
Established in 1982 and headquartered in A Coruña, Discefa focuses on processing and distributing frozen octopus and has production plants in Spain, Morocco and Mexico.

The business posted €62m in revenues and €14m EBITDA in 2015, and claims 75% of the revenues to be generated internationally.

People
GED Capital – Enrique Centelles Satrústegui (managing partner); Rafael Lopez Armenta (partner).
Oquendo Capital – Daniel Herrero (managing partner); Leticia Bueno (investment director).

Advisers
Equity – TeamOn (corporate finance); PwC (financial & commercial due diligence, tax); King & Wood Mallesons (legal).
Debt – Garrigues (legal); Hogan Lovells (legal).
Vendor – Allen & Overy (legal).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Spain