Miura exits Guzmán Gastronomía via trade sale

Amedeo Goria
06 April 2017

Tweet
Facebook
LinkedIn
Google plus
Send to

Spanish buyout firm Miura Private Equity has sold Guzmán Gastronomía to South African corporate Bidcorp.

The GP sold its 80% stake to listed South African food distributor Bidcorp alongside the management team. Bidcorp acquired a 90% stake.

Following the transaction, the management team, which previously owned a 20% stake, will retain a 10% holding and continue to lead the business under its own brand.

According to the Spanish-language business publication Expansión, Bidcorp acquired its controlling stake for €80m, including a €20m debt facility.

Previous funding
In April 2011, Miura acquired a 65% stake in the business from its peer Nazca Capital via its maiden vehicle, Miura Fund I. The enterprise value was close to €25m. Nazca achieved a money multiple of almost 3x on the sale, alongside an IRR of around 20%, according to unquote" data.

Unde Miura's ownership, the company expanded its business through seven bolt-on acquisitions: Cutting's, Mondofruta, Solé Graells, Ivorra, Eurobanan, Sergi Fruit and Fruites i Queviures del Vallès.

Nazca's 85% stake was acquired in July 2005 via its Nazca I vehicle, with the management team retaining 15% of the equity. Valued at €7.3m, the all-equity transaction was structured as a BIMBO.

Company
Founded in 1939, Guzmán distributes fresh food to Spanish hotels, restaurants and several institutions, specialising in fruit and vegetables. Based in Mercabarna, the company also has a presence in Madrid, Sevilla, Bilbao, Alicante, Ibiza and Vitoria-Gasteiz, and claims to have a 4,000-strong client base.

According to Expansión, the company posted a turnover of €90m in 2016. The business employs a staff of 540 and expects to generate €100m in revenues in 2017, according to a statement.

People
Miura Private Equity – Luis Seguí (managing partner).
Guzmán Gastronomía – Jordi Franch (CEO).

Advisers
Vendor – Sabadell Corporate Finance (corporate finance); EY (financial due diligence, legal, other due diligence); KPMG (tax); Baker & Mckenzie (legal).
Acquirer – Garrigues (legal).