Triton sells stake in Befesa

The shares are valued at approximately €123.9m, based on the share price of €41.30 per share at market close on 20 March 2018.

The stake represents 8.8% of Befesa's entire share capital, and Triton remained the largest shareholder with 40.7% of the business after the sale.

Triton listed the business in November 2017 at €28 per share, amounting to a market cap of €954m. The GP reaped €415m from the transaction.

The accelerated bookbuilding was managed by Citigroup, Goldman Sachs International and JP Morgan. Triton agreed to a lock-up period of 60 days.

You can read more about Triton's original investment in Befesa in the firm's GP Profile. 

Previous funding
Triton acquired Befesa from Spanish recycling corporate Abengoa in 2013 for a €1.075bn EV and €850m equity injection. The deal included a vendor note of €48m with a four-year maturity, and a deferred consideration valued at €225m, which will be received as a convertible loan and will convert into the economic equivalent of 14.1% of common equity when the GP exits the company.

During its ownership, the GP supported the Befesa's expansion through several bolt-on acquisitions.

In 2016 and 2017, the company completed the sale of its non-core industrial environmental services units, including its branches in Peru, Chile and Colombia, and chemical cleaning businesses Solarca and Séché Environment.

Company
Founded in 1993 and based in Ratingen, Befesa provides environmental services to the steel and aluminium industries across Europe and Asia. It mainly focuses on treatments for steel dust and aluminium salt slag recycling, and has plants in Germany, Spain, Sweden, France, the UK, Turkey and South Korea. The company generated €725m in revenues and €172.4m in adjusted EBITDA in 2017.

People
Triton – Peder Prahl (director).
Befesa – Javier Molina (CEO).

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