Black Toro buys 60% stake in Marypaz for €30m

As part of the deal, Black Toro acquired a 60% stake in the business for €30m via its second vehicle BTC Fund II, while the founding Aguaded family will retain the remaining stake and will continue to lead the business.

According to a statement, the deal saw an initial €10m equity injection which provided working capital to the business, which will boost the launch of the next autumn-winter season product range. Subsequently, the GP will provide an additional €20m investment through a convertible security, which reportedly will allow the company to refinance its debt.

Furthermore, the company aims to relaunch its business, expanding internationally across Italy, the Middle East, North Africa and Latin America.

The deal marked the fourth investment for Black Toro's second fund, BTC Fund II, which held a second close on €160m in August 2016 and has already invested €70m to date.

Company
Established in 1972 and headquartered in Seville, Marypaz manages 304 retail stores across Spain, focusing on low-cost shoes. The company employs a staff of 1,500 and has a presence in Spain, Portugal, France, the UAE, Egypt, Guatemala, Honduras and the Dominican Republic.

According to press reports, the company posted a turnover of €176m in 2012, though this dropped to €140m in 2013, €121m in 2014 and €110m in 2015.

People
Black Toro Capital – Ramón Betolaza (managing partner).
Calzados Marypaz – Juan Aguaded (chair).

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• Buyouts
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• Spain