Grupo Picking Pack

21 Invest has sold 4 million of its shares in quoted company Grupo Picking Pack (GPP) (re-named Servicepoint Solutions SA) reducing its shareholding in the company from 5.9% to 2.9%. Following the sale, which was valued at Eur38m, 21 Invest recorded an IRR of 55.5%, with the residual holding valued according to EVCA guidelines. GPP was the last portfolio investment carried out by 21 Invest prior to the current fund, 21 Invest LP. The reduced ownership of GPP is in keeping with 21 Invest’s disengagement from the management of this asset. This part-disposal is the result of 21 Invest’s policy of focusing its activities on the current fund.

21 Invest acquired 95% of the company’s shares when it first invested in 1994 and committed a total of Eur31m to the group during the life of the investment. GPP was an international buy-and-build investment from a Spanish base, which has seen the company grow from a small office products company to an international reprographics business with sales of over Eur350m.

GPP is active in the reprographics business, focusing on the architects, engineers and construction sector, with reprographics outlets throughout Europe and the USA. The company offers a range of reprographic and print services through both managed facilities and a network of reprographic outlets (Service Points).

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• Southern Europe