Doughty Hanson prepares Avanza for sale
Doughty Hanson has hired investment bank JP Morgan to explore options for a possible exit from bus company Avanza.
The private equity firm acquired the company formerly known as Auto Res in 2006 in its first investment in Spain. The deal was valued at around €600m and involved a seven-year bullet loan and a leverage multiple of 8x EBITDA. The debt-to-equity ratio was 75:25.
The company, which had a turnover of €350m in 2008 and employs a staff of 4,900, is now on the brink of being sold to a third-party buyer, listed on the stock exchange or welcoming aboard another shareholder.
A sale would represent the first exit deal for Francisco Churtichaga, who managed the original transaction on behalf of the investor.
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