Abac backs PronoKal MBO

As part of the deal, the GP fully acquired the business alongside the management team from the company's founders. Financial details surrounding the transaction have not been disclosed, but the fund manager deployed capital via its SICAR vehicle, Abac Solution, which usually provides equity tickets of up to €50m. According to a report in local publication El Confidencial and shared by the GP on its LinkedIn page, the deal valued the company at €100m EV. Following the transaction, the management team will continue to head the business.

The new shareholders are keen on boosting the company's presence in its core markets across Europe and Latin America, including the UK, Belgium, the Netherlands, Mexico, Argentina, Peru and Brazil. Furthermore, the managers are willing to expand across new markets such as Colombia, Chile and Italy with the aim to double the company's revenue base within the next five years.

Spun out from Apax Partners Espana in 2015, Abac is a Barcelona-based mid-cap private equity house managed by Oriol Pinya, Borja Martínez de la Rosa and Javier Rigau. The GP held a final close on €320m for its maiden vehicle in May 2016.

The deal is the third acquisition for the Spanish GP, following the purchase of auto parts producer Metalcoucho in August 2015 and furnishing manufacturer Figueras International Seating in October 2015.

Company
Founded in 2004, PronoKal develops a protein-based dietary treatment targeting obese and overweight people. Its offering includes nutritional products, medical supervision, personal training and coaching services.

According to a statement, the company generated a turnover of €42m in 2016 and currently employs 2,500 doctors. Based in Barcelona, the company also has a presence in 15 countries across Europe and Latin America, in which it generates 51% of its revenues.

People
Abac Capital – Oriol Pinya (founding partner).
PronoKal Group – Joan Fondevila (CEO).

Advisers
Equity – KPMG (financial due diligence); EY (legal); Antares Consulting (commercial due diligence).
Company – PwC (financial due diligence); M&A Fusiones y Adquisiciones (financial due diligence); Crowe Horwath (legal).

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