CVC sees Itevelesa price rise as bidding hots up

Apax Partners, Vista Capital de Expansión, Doughty Hanson and Englefield have all presented offers to acquire Itevelesa, Spain's third technical vehicle inspection company. The present owner, CVC Capital Partners, initiated the sale of Itevelesa at the start of this year, at a starting price of around E200m. However, over the course of the bidding process, the price has gradually risen to some E300m. The company, which ranks just behind Applus (Aguas de Barcelona) and General de Servicios de ITV (FCC) employs 800 people and operates 29 centres in Spain. CVC's planned exit from the firm coincides with the ongoing liberalisation of the sector which began in 2000, when the previous Spanish government decided to open it up to competition.

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• Southern Europe