Soluziona division generates PE interest

Apax Partners, 3i and PAI Partners are currently competing with the the water company Agbar (Ãguas de Barcelona) to acquire a majority interest in the quality and environment division of Soluziona, which is part of Unión Fenosa’s investment portfolio. The latter is currently aiming to divest some of its non-core activities, although it intends to retain a stake of around 40% in Soluziona Calidad y Medio Ambiente, which could be worth between €130-200m. Merrill Lynch will be advised Unión Fenosa on the sale, which is slated to close in September. Soluziona comprises four divisions; telecommunications, consulting, engineering, and quality and environment. The firm as a whole achieved sales of €718m in 2003, with EBITDA of €50m. The division which is now for sale generated turnoverof €109m last year, with 11% of its sales coming from abroad.

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