Qualitas makes 3.7x money in Garnica sale

The firm's management and historical shareholders have reinvested to retain a stake in the business.

The GP has enjoyed a 3.7x money multiple on the sale, managed by Lazard. The sale process began in 2013; more than 20 international and national investors expressed an interest in the asset, with the final bidder selected in December.

Qualitas acquired Garnica in 2006, with a debt package provided by Banco Sabadell, according to unquote" data. The company reported revenues of €44m in 2005 and EBITDA of €7.4m. Under the GP's ownership, Garnica doubled the number of factories it operates, opened new plants, grew its international presence from nine countries to 32 and increased its client base fivefold. Turnover reached €111m in 2013, with EBITDA rising to €19.5m.

Under its new ownership, Garnica intends to increase revenues to €260m and exceed EBITDA of €50m by 2016.

The latest divestment takes Qualitas's overall money multiple on all divestments since 2006 to 2.7x. The GP hopes to see that figure rise to 3.4x money following the divestment of its remaining assets.

Company
Founded in 1973 and based in Logrono, Grupo Garnica Plywood manufactures and sells plywood boards for application in wholesale, marine vessels, caravans, flooring, interiors, coating, buildings and transport. The company was formerly known as Maderas Garnica and changed its name in 2003 to Grupo Garnica Plywood.

Garnica generates 91% of its sales outside Spain. Revenues reached €111m in
2013.

People
Íñigo Olaguíbel is a partner at Qualitas.

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